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profit n loss!!!

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Senior Manager
Joined: 16 Sep 2006
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profit n loss!!! [#permalink]  03 Oct 2006, 04:53
Plz Help:

Karan sells a chair at a loss of 10%. If he had sold it at a profit of 5%, he would have earned \$ 75. What is the cost price of the chair?
Director
Joined: 06 Sep 2006
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Plz Help:

Karan sells a chair at a loss of 10%. If he had sold it at a profit of 5%, he would have earned \$ 75. What is the cost price of the chair?

S.P = C.P + P
75 = CP + 0.05*CP
75 = 1.05 * CP
Cp = 75/1.05
= 72.43
Senior Manager
Joined: 16 Sep 2006
Posts: 406
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Kudos [?]: 18 [0], given: 0

asaf wrote:
Plz Help:

Karan sells a chair at a loss of 10%. If he had sold it at a profit of 5%, he would have earned \$ 75. What is the cost price of the chair?

S.P = C.P + P
75 = CP + 0.05*CP
75 = 1.05 * CP
Cp = 75/1.05
= 72.43

hi,

i got a similar solution for it.........but the answer does not match with that in the answer key.........
Senior Manager
Joined: 16 Sep 2006
Posts: 406
Followers: 1

Kudos [?]: 18 [0], given: 0

asaf wrote:
Plz Help:

Karan sells a chair at a loss of 10%. If he had sold it at a profit of 5%, he would have earned \$ 75. What is the cost price of the chair?

S.P = C.P + P
75 = CP + 0.05*CP
75 = 1.05 * CP
Cp = 75/1.05
= 72.43

diff in loss and profit %'s is = 5-(-10)=15%

15% of C.P is=75

ergo, C.P=\$ 500

I din't really understand the solution.

Maybe u can explain............
Manager
Joined: 01 Oct 2006
Posts: 243
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asaf wrote:
Plz Help:

diff in loss and profit %'s is = 5-(-10)=15%

15% of C.P is=75

ergo, C.P=\$ 500

I din't really understand the solution.

Maybe u can explain............

Assume he bought the chair for price x. He sells it at a loss of 10% i.e for 0.9x.
If he had sold for 5% profit, price would have been 1.05x. (\$75 is the profit, not price of chair)
1.05x - 0.9x = 75
0.15x = 75
x= 500
Manager
Joined: 12 Sep 2006
Posts: 92
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I have a completely different answer, which is 1500

is that correct?

I am not sure if i understood the question 100%

i understood \$75 is the profit, not the new amount, so the formula should be

0.05x=75, therefore x=1500

did i understand this wrong?
Senior Manager
Joined: 16 Sep 2006
Posts: 406
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mst wrote:
asaf wrote:
Plz Help:

diff in loss and profit %'s is = 5-(-10)=15%

15% of C.P is=75

ergo, C.P=\$ 500

I din't really understand the solution.

Maybe u can explain............

Assume he bought the chair for price x. He sells it at a loss of 10% i.e for 0.9x.
If he had sold for 5% profit, price would have been 1.05x. (\$75 is the profit, not price of chair)
1.05x - 0.9x = 75
0.15x = 75
x= 500

Superb........thanx
Manager
Joined: 01 Oct 2006
Posts: 243
Followers: 1

Kudos [?]: 5 [0], given: 0

Actually the phrasing of the question was not very clear to me also. I interpreted in 2 ways: (i) \$75 is difference between CP and SP at 5% profit, which would give the answer \$1500 (ii) or it could be difference between the SP at 5% profit and SP at 10% loss, which gives the answer \$500.
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