Correct Answer - Option 3 : Rs. 2,000
Given :
A man sold his furniture at 25% gain.
Had he sold at 15% loss he would have received Rs.800 less
Concept used :
Profit = selling price - cost price = profit % on cost price
Loss = cost price - selling price = loss % on cost price
Calculations :
Let the cost price of the item be 100x
Selling price at 25% profit = cost price + profit
⇒ cost price + 25% of 100x
⇒ 100x + 25x = 125x
Selling price at 15% loss = cost price - loss
⇒ 100x - 15% of 100x
According to the question
125x - 85x = 800
⇒ 40x = 800
⇒ x = 20
⇒ cost price = 100x
⇒ 100 × 20 = 2000 rupees
∴ Cost price of the furniture is 2000 rupees