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
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