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Question
By selling a chair for ₹ 1440, a shopkeeper loses 10%. At what price, did he buy it?
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Solution
Given, S.P. = ₹ 1440 and loss = 10%
We know that,
Loss% = `"Loss"/"C.P." xx 100%`
⇒ Loss% = `("C.P." - "S.P.")/"C.P." xx 100%` ...[∵ Loss = C.P. – S.P.]
⇒ `10 = ("C.P." - 1440)/"C.P." xx 100`
⇒ `10/100 "C.P." = "C.P." - 1440`
⇒ `"C.P." - 10/100 "C.P." = 1440`
⇒ `9/10 "C.P." = 1440`
⇒ `"C.P." = (1440 xx 10)/9`
∴ C.P. = ₹ 1600
Hence, the cost price of chair is ₹ 1600.
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