If 20 chairs are bought at Rs.5 each and 15 at Rs.4.50 each and 15 more at Rs.4. Each sold so as to gain 1/5 of the cost price, then what is the average selling price of a chair?
Question
If 20 chairs are bought at Rs.5 each and 15 at Rs.4.50 each and 15 more at Rs.4. Each sold so as to gain 1/5 of the cost price, then what is the average selling price of a chair?
Solution
Sure, let's break it down:
Step 1: Calculate the total cost price. The cost of 20 chairs at Rs.5 each is 20 * 5 = Rs.100. The cost of 15 chairs at Rs.4.50 each is 15 * 4.50 = Rs.67.50. The cost of 15 chairs at Rs.4 each is 15 * 4 = Rs.60. So, the total cost price is 100 + 67.50 + 60 = Rs.227.50.
Step 2: Calculate the gain. The gain is 1/5 of the cost price, so it's 1/5 * 227.50 = Rs.45.50.
Step 3: Calculate the total selling price. The total selling price is the cost price plus the gain, so it's 227.50 + 45.50 = Rs.273.
Step 4: Calculate the average selling price. The total number of chairs is 20 + 15 + 15 = 50. So, the average selling price is the total selling price divided by the number of chairs, which is 273 / 50 = Rs.5.46.
Therefore, the average selling price of a chair is Rs.5.46.
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