If the profit on selling an article for Rs.240 is the same as the loss on selling it for Rs.160, then what is the cost price of the article?
Question
If the profit on selling an article for Rs.240 is the same as the loss on selling it for Rs.160, then what is the cost price of the article?
Solution
Step 1: Let's denote the cost price of the article as 'x'.
Step 2: According to the problem, the profit when the article is sold for Rs.240 is the same as the loss when it is sold for Rs.160.
This means that the difference between the cost price and Rs.240 is the same as the difference between the cost price and Rs.160.
So, we can write this as an equation:
x - 160 = 240 - x
Step 3: Solve the equation.
First, simplify the equation by adding 'x' to both sides:
x + x = 240 + 160
This simplifies to:
2x = 400
Step 4: Solve for 'x' by dividing both sides of the equation by 2:
x = 400 / 2
x = 200
So, the cost price of the article is Rs.200.
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