Question : The selling price of a chair is Rs. 1386. If the loss percent is 23%, then what is the cost price (in Rs.) of the chair?
Option 1: Rs. 1600
Option 2: Rs. 1800
Option 3: Rs. 1900
Option 4: Rs. 1067
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Correct Answer: Rs. 1800
Solution :
Given, Selling price (SP) = Rs. 1386
Loss % = 23 %
Let cost price be $\text{CP}$.
Hence, $\frac{\text{CP}(100-23)}{100}=1386$
⇒ $\text{CP}(0.77)=1386$
⇒ $\text{CP} = 1800$
Hence, the correct answer is Rs. 1800.
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