Question 57

Rahul sells a machine for Rs 50 lakhs at a loss. Had he sold it for Rs 60 lakh, his gain would have been 7 times the earlier loss. What is the cost price of the machine?

Solution

Let cost price of the machine = Rs. $$x$$ lakhs

When selling price = Rs. 50 lakhs

=> Loss = Rs. $$(x - 50)$$ lakhs

If selling price = Rs. 60 lakhs

=> Profit = Rs. $$(60 - x)$$ lakhs

According to ques, Profit = 7 $$\times$$ loss

=> $$(60 - x) = 7 \times (x - 50)$$

=> $$60 - x = 7x - 350$$

=> $$7x + x = 350 + 60 = 410$$

=> $$x = \frac{410}{8} = $$ Rs. $$51.25$$ lakhs

Create a FREE account and get: