Question

A shopkeeper buys two TV sets of the same type he sells one of them at profit of 20% and other at a loss of 5% if the difference in selling price of the two TV sets is rupees 700 find the cost price of each tv set

Answer 1

Let the cost of one TV set be x.

Find the selling price of the one that was sold at a profit of 20%:

profit = 20% of x = 0.2x

Selling price = x + 0.2x = 1.2x

Find the selling price of the one that was sold at a loss of 5%:

Loss = 5% of x = 0.05x

Selling Price = x - 0.05x = 0.95x

Solve x:

Difference in the selling price in term of x = 1.2x - 0.95x = 0.25x

Difference in the selling price = ₹700 (Given)

0.25x = ₹ 700

x = 700 ÷ 0.25

x = ₹ 2800

Answer: The cost price of a TV set is ₹ 2800.