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
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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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