Multiple choice

Rajesh sells a machine for Rs. 57 lakh at a loss. Had he sold it for Rs. 67 lakh, his gain would have been 7 times the former loss. Find the cost price of the machine.

  1. Rs. 58.25 lakh

  2. Rs. 65.75 lakh

  3. Rs. 75.14 lakh

  4. Rs. 50.75 lakh
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A Correct answer
Explanation

Let CP be x. Loss = x - 57. Gain = 67 - x. Given 67 - x = 7(x - 57). 67 - x = 7x - 399. 8x = 466. x = 58.25.

AI explanation

Let the cost price be x and the former loss be L, so the first equation is x minus L equals 57. The second scenario describes a gain of 7L, giving the equation x plus 7L equals 67. Subtracting the first equation from the second gives 8L equals 10, so the loss L is 1.25, and substituting this back reveals the cost price is 58.25.

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