1) Raghavan bought an old motorcycle for Rs 7500 and spent Rs 500 on its repair. Then he sold it for Rs 8250. Find his gain or loss %
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Step-by-step explanation:
Cost of an old bicycle bought by Raghvan = Rs 7500
Money he spent on the repair of his bicycle is Rs 500
Hence The total cost price ( CP ) of his bicycle is Rs 7500 + Rs 500 = Rs 8000
He then sold it for Rs 8250, which is the SP of the bicycle.
Hence CP = Rs 8000 and SP = Rs 8250.
Here SP is greater than CP so there is a profit
Profit = SP - CP
= 8250 - 8000
= 250
Profit % = Profit / CP × 100
= 250 / 8000 × 100
= 25/8
= 3.125%
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