Question : By selling a coat for Rs. 630, a shopkeeper gains 5%. Find the cost price of the coat.
Option 1: Rs. 700
Option 2: Rs. 625
Option 3: Rs. 600
Option 4: Rs. 650
Correct Answer: Rs. 600
Solution :
Let the cost price be $x$.
Selling price = Rs. 630
Profit = 5%
So, Profit % = $[\frac{\text{Selling Price – Cost Price}}{\text{Cost Price}} ] \times100$
⇒ $5 = [\frac{630 - x}{x}]\times100$
⇒ $0.05x = 630 - x$
⇒ $1.05x = 630$
$\therefore$ $x$ = Rs. 600
Hence, the correct answer is Rs. 600.
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