Let the cost price of one mobile phone be x.
Total cost price of both mobile phones =2x
The first mobile was sold at a profit of 20%.
Selling price of first mobile =x+0.20x
=1.20x
The second mobile was sold at Rs. 1520 less than the first mobile.
Selling price of second mobile =1.20x−1520
Total selling price of both mobiles =1.20x+(1.20x−1520)
=2.40x−1520
The overall profit earned was 1%.
Total selling price = Total cost price +1% of total cost price
2.40x−1520=2x+0.01(2x)
2.40x−1520=2x+0.02x
2.40x−1520=2.02x
2.40x−2.02x=1520
0.38x=1520
x=0.381520
x=4000
Therefore, the cost price of one mobile phone is Rs. 4000.