Question

) Vivan sold his watch at a loss of 12%.
If the selling price was 7040, what
was its cost price ?​

Answer 1

Answer: 8000rs

Step-by-step explanation:

Loss = 12%

Sp = 7040

((CP-SP)/CP ) * 100 = loss percentage

Therefore

(Cp- 7040)/ cp = .12

Cp* .88 = 7040

Hence CP = 8000Rs

Answer 2

Concept:

Mathematicians use the profit and loss formula to calculate market prices for goods and to assess how lucrative a company is. There is a selling price and a cost price for every goods. We can determine the profit made or loss suffered for a certain product based on the values of these prices. Cost price, fixed, variable, and semi-variable costs, selling price, marked price, list price, margin, etc. are some of the key words that are addressed in this article. For a shopkeeper, for instance, it is a profit if the selling price of a good is higher than the cost price, and it is a loss if the cost price is higher than the selling price.

Given information:

Loss = $12$%

Selling price = $7040$

To find:

To find the cost price of the watch.

Solution:

Loss = $12$%

Selling price = $7040$

Let,

Selling price be $SP$ and cost price be $CP$.

$CP$ = ($100$/ $100$- loss%)×$SP$

$CP=\frac{100}{100-12}*7040$

      $=\frac{100}{88}*7040$

      $=8000$

Hence, the cost price of the watch is   $8000$.

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