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Question
On selling a chair for Rs 736, a shopkeeper suffers a loss of 8%. At what price should he sell it so as to gain 8%?
Solution
Given that, selling price of chair = Rs. 736, which led to loss of 8%.
We know,
Loss = `("Loss"%)/100 xx "Cost price"`
Also, Loss = Cost price – Selling price
⇒ `8/100 xx "cost price"` = cost price – 736
⇒ `(92 xx "cost price")/100 = 736 `
⇒ Cost price = Rs. 800
Now, Gain = `("Gain"%)/100 xx "Cost price"`
⇒ Gain = `8/100 xx "Cost price"`
And, Gain = Selling price – Cost price
⇒ Selling price so as to gain 8% = Gain + Cost price
= `8/100 xx 800 + 800`
= 800 + 64
= Rs. 864
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