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The cost price of a college bag is 240% more than the profit obtained on it selling at Rs. 1540. What is the cost price of that college bag?

Rs. 1190
Rs. 1288
Rs. 1365
Rs. 1452

Correct Answer: Rs. 1190

Explanation:

Let the profit be Rs. p

Then Cost price of the bag = 340p/100 = 3.4p

According to question,

3.4p + p = 1540

4.4p = 1540

p = 1540/4.4

p = 350

The profit p = Rs, 350

Hence, The cost price of the bag = 3.4p = 3.4 x 350 = Rs. 1190.

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