A dealer gets Rs. 56 less if instead of selling a chair at again of 15%, it is sold at a gain of 8%. Find the cost price of the chair.
By BYJU'S Exam Prep
Updated on: September 25th, 2023
A dealer gets Rs. 56 less if instead of selling a chair at again of 15%, it is sold at a gain of 8%. Find the cost price of the chair.
The Cost Price is the original cost of the product, while the Selling Price is the price at which the product is sold to the customers. The difference between the Selling Price and the Cost Price determines the profit or loss incurred by the seller. Therefore by using the formula, the cost price of the chair is INR 800.
Table of content
Difference Between Cost Price And Selling Price
The difference between the cost price and the selling price determines the financial outcome of an expenditure. If the selling price is higher than the cost price, it results in a profit, indicating a positive return on investment. On the other hand, if the selling price is lower than the cost price, it leads to a loss, signifying a negative return on investment. Thus, the difference between these two prices determines the profit or loss generated from the sale.
Profit = Selling Price – Cost Price
Loss = Cost Price – Selling Price
Solution
Let’s assume the cost price of the chair is C.
If the chair is sold at a gain of 15%,
the selling price would be
C + 15% of C = C + 0.15C = 1.15C.
If the chair is sold at a gain of 8%,
the selling price would be
C + 8% of C = C + 0.08C = 1.08C.
According to the given information,
the dealer gets Rs. 56 less when the chair is sold at a gain of 15% compared to when it is sold at a gain of 8%.
This can be expressed as:
1.15C – 1.08C = 56
0.07C = 56
To find the value of C,
we divide both sides of the equation by 0.07:
C = 56 / 0.07
C = 800
Therefore, the cost price of the chair is Rs. 800.
Summary
A dealer gets Rs. 56 less if instead of selling a chair at again of 15%, it is sold at a gain of 8%. Find the cost price of the chair.
A dealer gets Rs. 56 less if instead of selling a chair at again of 15%, it is sold at a gain of 8%. The cost price of the chair will be INR 800.
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