Arithmetic

Profit & Loss

Easy

The profit earned after selling an item for ₹ 797 is the same as the loss incurred after selling the same item for ₹ 635. What is the cost price of the item?

₹ 700

₹ 716

₹ 696

₹ 690

✅ Correct Option: 2

Let Cost Price = CP

When sold at ₹797, there is profit since the selling price is higher than cost price.

Profit $= 797 - CP$

When sold at ₹635, there is loss since the selling price is lower than cost price.

Loss $= CP - 635$

The profit earned equals the loss incurred:

$797 - CP = CP - 635$

$797 + 635 = CP + CP$

$1432 = 2CP$

$CP = \dfrac{1432}{2}$

$CP = 716$

The cost price is the average of the two selling prices:

$CP = \dfrac{797 + 635}{2}$

$CP = \dfrac{1432}{2}$

$CP = 716$

Therefore, the cost price of the item is ₹716.

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Solution

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