"Question 7 A milkman sold two of his buffaloes for Rs 20,000 each. On one he made a gain of 5% and on the other a loss of 10%. Find his overall gain or loss. (Hint: Find CP of each)
Class 8 Comparing Quantities Page 125"
Answers
The price at which a buyer purchases an article is called the cost price (CP)
of the article for the buyer.
The price at which a seller sells an article is called the selling price (SP) of the article for the seller.
If the selling price is less than the cost price then there is a loss.
C.P> S.P
Loss= C.P – S.P
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Solution:
Given :S.P. of each buffalo = ₹ 20,000
gain of 5% while selling one buffalo.
Let C.P. be ₹.100, then S.P. = 100 + 5
= ₹105
When S.P. is ₹105, then C.P. = ₹100
When S.P. is ₹1, then C.P. = 100/105
When S.P. is Rs.20,000, then C.P.
= (100/105) x 20,00
= 2000000/105
= ₹19,047.62
Also, the second buffalo was sold at a loss of 10%.
Let C.P. be Rs.100, then S.P. = 100 -10
= ₹90
When S.P. is ₹90, then C.P. = ₹100
When S.P. is ₹1, then C.P. = 100/90
When S.P. is ₹.20,000, then C.P.
= (100/90) x 20,00
= 2000000/90
= ₹22222.22
Total C.P. = ₹19047.62 +₹ 22222.22 = ₹ 41269.84
Total S.P. = ₹ 20000 + ₹ 20000 = ₹ 40000
C.P. >S.P.
Therefore it is loss.
Loss = C.P. – S.P.
Loss = ₹ 41269.84 − ₹ 40000 = ₹1269.84
Hence, the overall loss of milkman was ₹ 1,269.84.
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Hope this will help you....