Question

On selling a chair for Rs 736, a shopkeeper suffers a loss of 8%. At what price should he sell it so as to gain 8%?

Answer 1

Given that, selling price of chair = Rs. 736, which led to loss of 8%.

We know,

Loss = `("Loss"%)/100 xx "Cost price"`

Also, Loss = Cost price – Selling price

⇒ `8/100 xx "cost price"` = cost price – 736

⇒ `(92 xx "cost price")/100 = 736 `

⇒ Cost price = Rs. 800

Now, Gain = `("Gain"%)/100 xx "Cost price"`

 ⇒  Gain = `8/100 xx "Cost price"`

And Gain = Selling price – Cost price

⇒ Selling price so as to gain 8% = Gain + Cost price

= `8/100 xx 800 + 800`

= 800 + 64

= Rs. 864