Question : Raheem sells a machine for Rs. 48 lakhs at a loss. Had he sold it for Rs. 60 lakhs, his gain would have been 5 times the former loss. Find the cost price of the machine.
Option 1: Rs. 58 lakhs
Option 2: Rs. 69.6 lakhs
Option 3: Rs. 42 lakhs
Option 4: Rs. 50 lakhs
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Correct Answer: Rs. 50 lakhs
Solution :
Given, Raheem sells a machine for Rs. 48 lakhs at a loss
Had he sold it for Rs 60 lakhs, his gain would have been 5 times the former loss.
Let the cost price be CP
According to the question,
60 – CP = 5(CP – 48)
⇒ 6CP = 300
⇒ CP = 50
Hence, the correct answer is Rs. 50 lakhs.
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