Find the Cost Price of an article when:
(i) Selling Price is Rs 924 and gain is 10%
(ii) Selling Price is Rs 8510 and loss is 8%
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Answer:
I) Using formula, we have:
CP=Rs.{(100/(100+gain%))×SP}
={(100/(100+10))×924}
={(100/110)×924}
={92400/110}
=Rs.840
ii) Given, Selling price = 8510, Loss = 8%. ⇒ 9250. Therefore, Cost price = 9250.
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