Question
Download Solution PDFA used two-wheeler dealer sells a scooter for ₹460 and makes some loss. If he had sold it for ₹580, his profit would have been double of his loss. What was the cost price of the scooter?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Selling price at loss (SP1) = ₹460
Selling price at profit (SP2) = ₹580
Profit = 2 × Loss
Formula used:
Loss = Cost Price (CP) - SP1
Profit = SP2 - CP
Profit = 2 × Loss
Calculation:
Let CP = x
Loss = x - 460
Profit = 580 - x
⇒ 580 - x = 2 × (x - 460)
⇒ 580 - x = 2x - 920
⇒ 580 + 920 = 3x
⇒ 1500 = 3x
⇒ x = 500
∴ The correct answer is option (2).
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