Question

The cost price of an object is Rs.60. The shopkeeper suffered a loss of 12 1/2% What was the selling price?
Please add explanation!

Answer 1

Given: The selling price = Rs 50, loss percent = 10%

To find: Is cost price Rs 60 or not?

Solution:

Now we have given the selling price as Rs 50 and loss percent as 10%.

We have the formula for loss percent as:

               loss % = loss/CP  x  100

               loss % = ((CP - SP)/CP)  x  100

Now putting the values we get:

               10 = CP - 50/CP x 100

               10 CP = 100 CP - 5000

               90 CP = 5000

               CP = 5000/90

               CP = 500/9 = 55.55

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