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Last updated date: 09th Dec 2023
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MVSAT Dec 2023

Find the selling price when CP=Rs650 and loss=8%.

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Hint: We need to find the selling price when we are given the cost price and also we are given the loss at which the item is sold. For this, we need to be aware about the terms such as cost price, selling price. And also, we should be aware about the formulae related to the calculation of Selling price when cost price is given.

Complete step by step answer:
We will first look at some definitions:
Cost Price: The price at which goods are or have been bought by a merchant or retailer is known as cost price.
Selling Price: It is the price at which a good or commodity is sold by a shopkeeper to a customer.
If a shopkeeper sells the commodity at a price less than the actual value or at a price less than the price at which he bought it from another shopkeeper, he will face a loss.
The loss percentage is calculated as follows:
Loss = Cost Price - Selling Price$=CP-SP$
Loss Percent = $\dfrac{CP-SP}{CP}\times 100%$
Here, the Loss percentage is 8% as given. And CP is also given to be Rs650. Plugging these values we get:
$8=\dfrac{650-SP}{650}\times 100$
$\implies \dfrac{8}{100}=1-\dfrac{SP}{650}$
$\implies \dfrac{SP}{650}=1-\dfrac{8}{100}$
$\implies \dfrac{SP}{650}=\dfrac{92}{100}$
$\implies SP=\dfrac{92}{100}\times 650$
$\implies SP=\dfrac{13}{2}\times 92$
$\implies SP=Rs.598$

Note: Don’t get confused between percentage and fraction. For example, 3% means 0.03 times the quantity given and 0.3% means $0.3\times \dfrac{1}{100}$ i.e. 0.003 times the quantity given. Percent will always mean $\dfrac{1}{100}$, so calculate accordingly without mixing both of these together.