5 chairs are purchased for Rs 900 each. One of them is sold at a gain of 15% and two of them is sold at a loss of 10%. At what price should the other to be sold so as to gain 20% on the whole transaction?
Answers
Given:
Cost price of each chair = Rs. 900
One chair is sold at a gain of 15%
And two other are sold at a loss of 10%
To find:
The price at which the other two chairs need to be sold so as to gain 20% on the whole.
Solution:
Cost price of all the 5 chairs = Rs. 900 * 5 = Rs. 4500
20% gain means gain = (20*4500) / 100 = Rs. 900
Therefore the total selling price must be = Rs. 4500+900 = Rs. 5400
Selling price of 1st chair = cost price + gain
= Rs. 900 + (15*900) / 100
= Rs. 900 + 135
= Rs. 1035
Selling price of the next two chairs = cost price - loss
= 2*(Rs. 900 - (10*900) / 100)
= 2*(Rs. 900 - 90)
= Rs. 2*810 = Rs. 1620
Total selling price of first 3 chairs = Rs. 1035 + 1620 = Rs. 2655
Selling price of the remaining 2 chairs = Rs. 5400 - 2655 = Rs. 2745
Selling price of each chair = Rs. 2745/2 = Rs. 1372.5
Therefore the other two chairs must be sold for Rs. 1372.5 each.