Question 67

Rajeev sells a machine for Rs 55 lakhs at a loss. Had he sold it for Rs 67 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

Solution

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

When selling price = Rs. 55 lakhs

=> Loss = Rs. $$(x - 55)$$ lakhs

If selling price = Rs. 67 lakhs

=> Profit = Rs. $$(67 - x)$$ lakhs

According to ques, Profit = 5 $$\times$$ loss

=> $$(67 - x) = 5 \times (x - 55)$$

=> $$67 - x = 5x - 275$$

=> $$5x + x = 275 + 67 = 342$$

=> $$x = \frac{342}{6} = $$ Rs. $$57$$ lakhs

=> Ans - (B)

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