Rajiv sold an article for Rs.56 which cost him Rs.x. If he had gained x% on his outlay, what was his cost?
Question
Rajiv sold an article for Rs.56 which cost him Rs.x. If he had gained x% on his outlay, what was his cost?
Solution
To solve this problem, we need to set up an equation based on the information given in the question.
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We know that Rajiv sold an article for Rs.56 and he gained x% on his outlay (cost).
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The selling price (SP) of an article is calculated as follows: SP = Cost Price (CP) + Gain.
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The gain is calculated as a percentage of the cost price, so Gain = (x/100)*CP.
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Substituting the gain in the selling price formula, we get SP = CP + (x/100)*CP.
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Simplifying this, we get SP = CP(1 + x/100).
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We know that the selling price is Rs.56, so we can substitute this into the equation to get 56 = CP(1 + x/100).
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We also know from the question that the gain was x%, which means that x/100 = Gain/CP.
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Substituting this into the equation, we get 56 = CP(1 + Gain/CP).
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Simplifying this, we get 56 = CP + Gain.
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But we know that Gain = x, so 56 = CP + x.
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Rearranging this equation to solve for CP, we get CP = 56 - x.
So, the cost of the article was Rs.(56 - x).
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