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Question
By selling a chair for Rs. 75, Mohan gained as much per cent as its cost. Calculate the cost of the chair.
Solution
Let the C.P. of the chair be Rs. x
S.P. of chair = Rs. 75
Profit = Rs. (75 – x)
We know:
Profit% = `"Profit"/("C.P.") xx 100`
∴ `x = (75 - x)/x xx 100`
x2 = 7500 – 100x
x2 + 100x – 7500 = 0
(x + 150)(x – 50) = 0
x = –150, 50
But, C.P. cannot be negative.
So, x = 50.
Hence, the cost of the chair is Rs. 50
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