Question
Download Solution PDFOn selling a painting at Rs. 1,498 , the gain is 25% more than the loss incurred on selling it at Rs.1,300. In order to gain 25%, the selling price will be:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
1st Selling price (S.P) = Rs.1498
2nd selling price (S.P) = Rs.1300
Formula used:
Profit = (S.P - C.P)
Loss = (C.P - S.P)
S.P = C.P × (100 ± P/L)
Where, C.P = cost price; S.P = Selling price
Calculation:
According to the question:
⇒ (1498 - C.P) = 125% × (C.P - 1300)
⇒ (1498 - C.P) = (5/4) × (C.P - 1300)
⇒ 4 × (1498 - C.P) = 5 × (C.P - 1300)
⇒ 5992 - 4C.P = 5C.P - 6500
⇒ 9C.P = (6500 + 5992)
⇒ C.P = 12492/9 = Rs.1388
Required S.P = C.P × (100 + 25)% = 1388 × 125% = Rs.1735
∴ The correct answer is Rs.1735.
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