Question

by selling a house for Rupees £400,000 a person loses 20% to get gain of 15% at what price should the house sold

Answer 1

Concept Introduction:-

It may resemble a word or a number that represents the numerical value of the quantity. It could resemble a word or a number that represents the numerical value of the quantity.

Given Information:-

We have been given that by selling a house for Rupees $\£400,000$ a person loses $20\%$ to get gain of $15\%$.

To Find:-

We have to find that at what price should the house sold.

Solution:-

According to the problem

Original cost of house $= (400,000)( 1 - 0.8)\\= 400,000/0.8\\= 500,000$

To make $15\%$, the house must sell for

selling price $= 500,000(1.15)\\=575000$

At the price should the house should be sold is $\£575,000$

Final Answer:-

The correct answer is at the price should the house sold is $\£575,000$.

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Answer 2

To get gain of 15% the house must be sold for £575,000.

Given,

By selling a house for £400,000, a person suffers a loss of 20%

To Find,

Amount he should sell it to, to gain a profit of 15%

Solution,

We have been given a scenario of a person selling a house.

It is given that if the house is being sold for £400,000, then he suffers a loss of 20%

The loss percentage formula is given by:

Loss % = Loss/CP × 100

Loss % = (SP-CP)/CP × 100

where Loss % = 20%,

SP =  400,000

⇒ -20 = (400,000 - CP)/CP × 100

⇒ -20CP/100 = 400,000 - CP

⇒ -0.2CP = 400,000 - CP

⇒ CP - 0.2CP = 400,000

⇒ 0.8CP = 400,000

⇒ CP = 500,000

Therefore, the original cost price of the house is £500,000.

We have to find the price for which the person has to sell the house to gain a 15% profit.

The profit percentage formula is given by:

Profit % = Profit/CP × 100

Profit % = (SP-CP)/CP × 100

where Profit % = 15%,

CP =  500,000

⇒ 15 = (SP - 500,000)/500,000 × 100

⇒ 15 = (SP - 500,000)/5,000

⇒ 15 × 5,000 = SP - 500,000

⇒ 75,000 = SP - 500,000

⇒ SP = 500,000 + 75,000

⇒ SP = 575,000

Hence, the person has to sell the house for £575,000 to gain a 15% profit.

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