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The incurred loss in selling 8 tables for RS. 6992 is 8%. What is the cost price of 1 table?
Given: The incurred loss in selling $8$ tables for $₹\ 6992$ is $8$ %.
To do: The cost price of $1$ table.
Solution:
Given Selling price of the tables $=₹\ 6992$.
Loss $=8$ %.
Let $x$ be the cost price of $8$ tables.
Therefore, loss $=\frac{x\times8}{100}=\frac{2x}{25}$
$\Rightarrow x-\frac{2x}{25}=6992$
$\Rightarrow \frac{25x-2x}{25}=6992$
$\Rightarrow \frac{23x}{25}=6992$
$\Rightarrow 23x=6992\times25$
$\Rightarrow x=\frac{6992\times25}{23}$
$\Rightarrow x=₹\ 7600$
So cost price of $8$ tables$=₹\ 7600$
Therefore, cost price of $1$ table$=\frac{7600}{8}=₹\ 950$
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