Question
- Anita sold a painting at a profit of 11%. Had she sold it for Rs 175 more, she would have gained 18%. The cost price of the painting is Rs
Answer: Option C
Let the cost price of the painting be x.
According to the question:
Anita sold the painting at a profit of 11%. Therefore, the selling price of the painting is:
SP1 = x + 11% of xSP1 = x + (11/100)*xSP1 = 1.11x
Had she sold the painting for Rs 175 more, she would have gained 18%. Therefore, the selling price in this case would be:
SP2 = x + 175 + 18% of xSP2 = x + 175 + (18/100)*xSP2 = 1.18x + 175
We can now form the equation:
SP2 - SP1 = 175
(1.18x + 175) - 1.11x = 175
0.07x = 175 - 1750.07x = 0
x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x + 175) - (1.11x) = 1751.18x - 1.11x + 175 = 1750.07x = 0x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x) - (1.11x) = 1750.07x = 175x = 175/0.07x = 2500
Therefore, the cost price of the painting is Rs 2500, which is Option C.
Explanation:
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Let the cost price of the painting be x.
According to the question:
Anita sold the painting at a profit of 11%. Therefore, the selling price of the painting is:
SP1 = x + 11% of xSP1 = x + (11/100)*xSP1 = 1.11x
Had she sold the painting for Rs 175 more, she would have gained 18%. Therefore, the selling price in this case would be:
SP2 = x + 175 + 18% of xSP2 = x + 175 + (18/100)*xSP2 = 1.18x + 175
We can now form the equation:
SP2 - SP1 = 175
(1.18x + 175) - 1.11x = 175
0.07x = 175 - 1750.07x = 0
x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x + 175) - (1.11x) = 1751.18x - 1.11x + 175 = 1750.07x = 0x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x) - (1.11x) = 1750.07x = 175x = 175/0.07x = 2500
Therefore, the cost price of the painting is Rs 2500, which is Option C.
Explanation:
- Cost Price (CP): The cost price is the price at which an article is purchased.
- Selling Price (SP): The selling price is the price at which an article is sold.
- Profit: Profit is the difference between the selling price and the cost price.
- Profit% = (Profit / CP) * 100
- We use the formula SP = CP + Profit to calculate the selling price.
- In this question, we have formed an equation using the given information and then solved for the cost price.
- We found that the cost price of the painting is Rs 2500.
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So
7% of x= 175
Then x=(175×100)/7=2500