Question

Find the selling price if cost price and loss are given :
C.P.=Rs.5000, Loss=12%.

Answer 1

Hint: To solve this question, we must be clear about the fact that the cost price is the price at which an article is purchased whereas the selling price is the price at which the article is sold. If the selling price exceeds the cost price, the seller experiences a profit whereas if the cost price exceeds the selling price, the seller experiences a loss.

Complete step-by-step answer:
We have the given values as:
Cost price= Rs.5000
Loss==12%
Now we know the formula of calculating the loss which is as:
${\text{Loss = Cost price}} - {\text{Selling price}}$
$ \Rightarrow {\text{Selling price = Cost price}} - {\text{Loss}}$ … (1)
Now, the loss for the cost price= Rs.5000 can be determined as
$ = \dfrac{{12}}{{100}}(5000)$
Therefore, after substituting the values of the cost price and the loss in the equation (1), we get,
$ = 5000 - \dfrac{{12}}{{100}}(5000)$
$ = 5000\left( {1 - \dfrac{{12}}{{100}}} \right)$
$ = 5000\left( {\dfrac{{100 - 12}}{{100}}} \right)$
$ = 5000\left( {\dfrac{{88}}{{100}}} \right)$
$ = {\text{Rs}}{\text{.4}}400$
Hence, the selling price$ = {\text{Rs}}{\text{.4}}400$.

Note: When we face such a type of problem, the key point is that we must have a good understanding about the concepts of selling price and cost price. We must be aware of the various formulas including the parameters like selling price, cost price, loss, profit, etc. By using the appropriate formula, the required solution can be obtained.