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
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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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