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A dealer sold a camera for Rs.1080 gaining $\frac{1}{8}$ of its cost price. Find the cost price of the camera, and the gain percent earned by the dealer.
Given :
A dealer sold a camera for Rs 1080 gaining $\frac{1}{8}$ of its cost price.
To do :
We have to find the cost price of the camera and the gain %.
Solution :
Selling price $= Rs. 1080$
Let the cost price be Rs.$ x$.
Gain $= Rs. \frac{1}{8}(x)$
We know that,
$SP = CP + Profit$
Therefore,
$1080 = x+\frac{1}{8}(x)$
$1080 = \frac{(8+1)}{8} x$
$1080 = \frac{9}{8} x$
$x = 1080(\frac{8}{9})$
$x = 120(8)$
$x = 960$
$Gain = Rs.\frac{1}{8}(960) = Rs. 120$
Therefore, the Cost price of the camera is Rs. 960.
$Gain percent = \frac{Gain}{CP} \times 100$%
$= \frac{120}{960} \times 100$%
$= \frac{1}{8} \times 100$%
$= \frac{25}{2}$%
$= 12.5$%
Therefore, the Cost price of the camera is Rs. 960.
The gain percent earned by the dealer is 12.5%.