Multiple choice

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

  1. Rs. 7000

  2. Rs 7200

  3. Rs 6000

  4. Rs 6500
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A Correct answer
Explanation

Let CP be x. SP1 = 1.05x. SP2 = 0.98x. Difference = 0.07x = 490. x = 490 / 0.07 = 7000.

AI explanation

The difference between a 5 percent gain and a 2 percent loss is 7 percent of the cost price. This 7 percent difference equals the price difference of 490 rupees. The cost price is 490 divided by 0.07, which equals 7000 rupees.

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