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Question 75
A trader sold an item at a loss of 20%. Had he sold it for ₹100 more, he would have gained a profit of 5%. What is the cost price of the item?
Solution
Let the Cost Price be Rs.100x
Loss = 20%
Selling Price = 80% of 100x = Rs.80x
Profit = 5%
Selling Price = 105% of 100x = Rs.105x
Given, Rs.105x - Rs.80x = Rs.100
Rs.25x = Rs.100
=> x = 4
Therefore, Cost Price = Rs.100x = Rs.100*4 = Rs.400
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