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A man sold a bicycle at 5% profit. If the cost had been 30% less and selling price $63 he will have made a profit of 30%.What was the cost price of a bicycle.
Answer - 450
A man sold a bicycle at 5% profit. If the cost had been 30% less and selling price $63 he will have made a profit of 30%.What was the cost price of a bicycle.
Answer - 450
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Solution :-
Let the cost price be Rs. 100.
Gain = 5 %
Selling price = 100 + 5 % of 100
S.P. = Rs. 105
If the C.P. had been 30 % less then,
Supposed C.P. = Rs. 70
Gain = 30 %
S.P. = 70 + 30 % of 70
= 70 + 21
New S.P. = Rs. 91
Difference between old S.P. and new S.P. = 105 - 91
= Rs. 14
If the difference is Rs. 14 then the C.P. = Rs. 100
If the difference is Rs. 1 then the C.P. = 100/14
If the difference is Rs. 63 then the C.P. will be = (100*63)/14
Cost Price = Rs. 450
Hence, the cost price of the bicycle is Rs. 450
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