Multiple choice

A dealer gets Rs. 56 less if instead of selling a chair at a gain of 15% he sells it at a gain of 8%. The cost price of the chair is:

  1. Rs. 700

  2. Rs. 800

  3. Rs. 900

  4. Rs. 950
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Let CP be x. Gain 1 = 0.15x, Gain 2 = 0.08x. Difference = 0.07x = 56. x = 56 / 0.07 = 800.

AI explanation

Let the cost price of the chair be Rs. x. The difference between a 15% profit and an 8% profit is 7% of the cost price, which equals the Rs. 56 drop in the selling price. Setting up the equation 0.07x = 56, we solve for x to get x = 800. The cost price of the chair is Rs. 800.

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