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The difference between the price of an item when sold at 17% profit and 11% loss is Rs. 952. Find the cost price of the item?
1. Rs. 3400
2. Rs. 2900
3. Rs. 2800
4. Rs. 3700

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Correct Answer - Option 1 : Rs. 3400

Given:

17% profit - 11% loss = Rs. 952

Concept:

Consider the Cost price of the item be 100a and proceed.

Calculation:

Let the Cost price of the item = 100a

∴ Selling price at 17% profit = 100a + (17/100) × 100a

= 100a + 17a

= 117a

Selling price after 11% loss = 100a - (11/100) × 100a

= 100a - 11a

= 89a

∵ 117a - 89a = Rs. 952

⇒ 28a = 952

⇒ a = 952/28

⇒ a = Rs. 34

∴ CP of the item = 100a 

= 100 × 34

= Rs. 3400

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