Question

By selling a tape recorder for ₹6000, a loss of ₹1000 is suffered. Find its cost price. Also, find the price at which this tape recorder should be sold in order to gain 16% profit.

• A. Selling Price = ₹8120
• B. Selling Price = ₹7500
• C. Cost Price = ₹7600
• D. Cost Price = ₹7000

Answer 1

Answer: (A), (D)

The correct options are
A Selling Price = ₹8120
D Cost Price = ₹7000

Given, selling price of the tape recorder (S.P) = ₹6000
Loss incurred = ₹1000

We know that,
loss = cost price (C.P) - selling price (S.P)
$\Rightarrow$ 1000 = C.P - 6000
$\Rightarrow$ C.P = 1000 + 6000 = ₹7000

Therefore, cost price of the tape recorder = ₹7000

According to the question,
when gain% = 16%

We know that $\frac{Gain}{C.P}\times 100=Gain\%$

$\Rightarrow \frac{Gain}{C.P}\times 100=16$
$\Rightarrow$ Gain = $\frac{16}{100}\times 7000=₹1120$

Gain = S.P - C.P
$\Rightarrow$ ₹1120 = S.P - ₹7000
$\Rightarrow$ S.P = ₹ 8120

Therefore, to gain 16% profit, the tape recorder should be sold at ₹ 8120.