When a plot is sold for Rs.18,700, the owner loses 15%.At what price must that plot be sold in order to gain 15%?
Question
When a plot is sold for Rs.18,700, the owner loses 15%.At what price must that plot be sold in order to gain 15%?
Solution
Sure, let's solve this step by step:
Step 1: First, we need to find the cost price of the plot. If the owner loses 15% when selling the plot for Rs.18,700, it means that Rs.18,700 is 85% of the cost price (because 100% - 15% = 85%).
So, we can set up the equation: 85/100 * Cost Price = Rs.18,700
Step 2: Solve the equation for Cost Price: Cost Price = Rs.18,700 / (85/100) = Rs.22,000
Step 3: Now, to find the selling price for a 15% gain, we calculate 15% of the cost price and add it to the cost price.
15% of Rs.22,000 = 15/100 * 22,000 = Rs.3,300
So, the selling price for a 15% gain would be: Cost Price + 15% of Cost Price = Rs.22,000 + Rs.3,300 = Rs.25,300
Therefore, the plot must be sold for Rs.25,300 in order to gain 15%.
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