Question

A man sells a sofa set at a gain of 5%. had he sold it for Rs $490$ less, he would have lost $2$% Find the cost price of the sofa set.

Answer 1

Let the CP of the sofa set be Rs x

$SP=CP+$ Profit

$SP=x+5\times /100$

$SP=21x/20=105x/100$

Now loss $=2\%$

SO $=98\times /100=$

If it have been sold for Rs 490

$98\times /100=105x/100-490$

$490=(105x-98x)/100$

$490=7x/100$

$x=490\ast 100/7$

$x=7,000$