Question
Download Solution PDFBy selling an item for Rs 2033, the profit earned would be 11% more than the loss incurred by selling the same item for Rs 978. Find the cost price of that item.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Selling price with profit (SP1) = Rs 2033
Selling price with loss (SP2) = Rs 978
Profit percentage = 11%
Formula Used:
Profit = Selling Price - Cost Price
Loss = Cost Price - Selling Price
Profit Percentage = (Profit / Cost Price) × 100
Calculation:
According to the question,
2033 - CP = (CP - 978) × 111/100
⇒ 100 (2033 - CP) = (CP - 978) × 111
⇒ 203300 - 100 CP = 111 CP - 108558
⇒ 203300 + 108558 = 111CP + 100CP
⇒ 311858 = 211 CP
⇒ CP = Rs. 1478
The purchase price of the item is Rs 1478.
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