Answer:
CP = Rs 500
Step-by-step explanation:
Given that,
Selling price of a book, SP = Rs 550
Profit percent = 10%
We need to find the cost price of the book. The formula for profit percent is given by :
[tex]P\%=\dfrac{SP-CP}{CP}\times 100\\\\\dfrac{10}{100}=\dfrac{550-CP}{CP}\times 100\\\\\dfrac{1}{10}=\dfrac{550-CP}{CP}\\\\CP=5500-10CP\\\\CP+10CP=5500\\\\11CP=5500\\\\CP=500[/tex]
So, the cost price of the book is Rs 500.
