Question
Download Solution PDFA seller sells a shirt for Rs. 950 resulted in a 5% loss. He would have made x% profit on selling it for Rs.1600. Find the value of "x".
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Selling at ₹950 resulted in a 5% loss.
Selling price (SP) = ₹950
Loss% = 5%
Selling price for x% profit (SPx) = ₹1600
Formula used:
Cost Price (CP) = \(\dfrac{SP}{(1 - \frac{Loss\%}{100})}\)
Profit% = \(\dfrac{SP_x - CP}{CP} \times 100\)
Calculations:
CP = \(\dfrac{950}{(1 - \frac{5}{100})}\)
⇒ CP = \(\dfrac{950}{0.95}\)
⇒ CP = ₹1000
Profit% (x) = \(\dfrac{1600 - 1000}{1000} \times 100\)
⇒ Profit% = \(\dfrac{600}{1000} \times 100\)
⇒ Profit% = 60%
So, the value of "x" = 60%.
∴ The correct answer is option (1).
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