Question : The selling price of an article is Rs. 817. If the loss percentage is 14%, then what is the cost price of the article?
Option 1: Rs. 850
Option 2: Rs. 950
Option 3: Rs. 880
Option 4: Rs. 900
Correct Answer: Rs. 950
Solution :
Let's denote the cost price of the article as $C$.
The selling price ($SP$) is given as Rs. 817, and the loss percentage is 14%
Loss Percentage = $\frac{\text{Cost Price – Selling Price}}{\text{Cost Price}}×100$
Given that the loss percentage is 14%.
So, $14 = \frac{C – 817}{C}×100$
⇒ $\frac{C – 817}{C} = \frac{14}{100}$
⇒ $100(C−817) = 14C$
⇒ $100C - 81700 = 14C$
⇒ $100C−14C=81700$
⇒ $86C=81700$
⇒ $C = \frac{81700}{86}$
⇒ $C = 950$
Therefore, the cost price of the article is Rs. 950.
Hence, the correct answer is Rs. 950.
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