The current price of a laptop is ₹78,000 after a 20% increase this year. What was the price of the laptop last year?

Given:

Current price of the laptop = ₹78,000

Percentage increase = 20%

Formula Used:

Last year's price = Current price / (1 + Percentage increase)

Calculation:

Let last year's price be P.

Current price = P × (1 + 20/100)

⇒ ₹78,000 = P × 1.20

⇒ P = ₹78,000 / 1.20

⇒ P = ₹65,000

The price of the laptop last year was ₹65,000.