Question : Ramesh incurred a loss of 10% after selling a phone. If he had sold the phone for INR 1,260 more, then he would have made a profit of 5%. What is the cost price of the phone?
Option 1: INR 8,600
Option 2: INR 8,000
Option 3: INR 9,000
Option 4: INR 8,400
Correct Answer: INR 8,400
Solution :
Given: Ramesh incurred a loss of 10% after selling a phone.
Let the cost price of the phone be INR $x$.
Selling price = Cost price + Profit
The selling price of the phone = $x$ – 10% of $x$.
⇒ $x-0.1x=0.9x$
If he had sold the phone for INR 1,260 more, then he would have made a profit of 5%.
⇒ Profit = 5% of $x$ = $0.05x$
The selling price of the phone = $0.9x+ 1260$
So, $x+0.05x=0.9x+1260$
⇒ $0.15x=1260$
⇒ $x=\frac{1260}{0.15}$
⇒ $x=$ INR 8,400
Hence, the correct answer is INR 8,400.
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