Rajesh sells a machine for Rs. 57 lakhs at some loss. Had he sold it for Rs. 67 lakh, his gain would have been 7 times the former loss. Find the cost price of the machine.
Let the loss be x
? Selling price = 57 lakhs
Selling price = cost price – loss = 57 lakhs
If the selling price would have been 67 lakhs
Then, gain = 7x
∴ Selling price = 67 lakhs
Cost price + 7x = 67 lakhs
Also, cost price – x = 57 lakhs
Subtracting the above 2 eqns. We get,
8x = 10 lakhs
x = 1.25 lakhs
∴ cost price = Selling price + loss = 57 + 1.25
Cost price = 58.25 lakhs