Question
Download Solution PDFA man sells a mobile phone for 600 and incurs some loss. If he had sold it at 1140, his profit would have been 4 times his loss. What is the purchase price (in th) of the mobile phone?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Selling Price1 (SP1) = ₹600 (incurred loss)
Selling Price2 (SP2) = ₹1140 (profit)
Profit = 4 × Loss
Formula Used:
Loss = Cost Price (CP) - Selling Price
Profit = Selling Price - Cost Price (CP)
Calculation:
Let the Cost Price of the mobile phone be CP.
Loss incurred when selling at ₹600 = CP - 600
Profit earned when selling at ₹1140 = 1140 - CP
According to the given condition:
Profit = 4 × Loss
\(\Rightarrow\) 1140 - CP = 4 × (CP - 600)
\(\Rightarrow\) 1140 - CP = 4CP - 2400
\(\Rightarrow\) 1140 + 2400 = 4CP + CP
\(\Rightarrow\) 3540 = 5CP
\(\Rightarrow\) CP = 3540 / 5
\(\Rightarrow\) CP = 708
The purchase price of the mobile phone is ₹708.
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