Question
Download Solution PDFA shopkeeper sold a product at 30% loss. Had his selling price been 150 more, he would have made a profit of 10%. What was the cost price?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe Correct answer is Option 1.
Key PointsLet the cost price (CP) of the product be x.
⇒ Selling Price (SP) at 30% loss: SP= x− 0.30x = 0.70x
⇒ Selling Price (SP) if it was ₹150 more: New SP=0.70x+150
⇒ Selling Price for a 10% profit: New SP=x+0.10x=1.10x
⇒ Setting the two expressions for New SP equal: 0.70x+150=1.10x
⇒ Rearranging the equation: 150=1.10x−0.70x
⇒ 150=0.40x
Solving for x: = 150/ 0.40 = 375
Thus, the cost price of the product is: 1) Rs. 375.
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