A person bought a bicycle for a certain amount of money. He spent 15% of the cost on repairs and sold it for a profit of Rs.1150. How much did he spend on repairs if he made a profit of 25%?
Question
A person bought a bicycle for a certain amount of money. He spent 15% of the cost on repairs and sold it for a profit of Rs.1150. How much did he spend on repairs if he made a profit of 25%?
Solution
Let's denote the initial cost of the bicycle as X.
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The person spent 15% of the cost on repairs. So, the cost of repairs would be 0.15X.
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The person sold the bicycle for a profit of 25%. This means the selling price was 125% of the initial cost, or 1.25X.
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According to the problem, the profit was Rs. 1150. This means the difference between the selling price and the cost price (including repairs) is Rs. 1150.
So, we can set up the equation: 1.25X - (X + 0.15X) = 1150
Solving this equation will give us the value of X, the initial cost of the bicycle. Once we have X, we can find the cost of repairs by calculating 0.15X.
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