A farmer sells his product at a loss of 8 %. If his SP is Rs 27600 , what is his actual loss? What is his cost price?
Given: Selling price = 27600₹
Loss percentage = 8%
To do: Find the cost price.
Solution:
So, He sells the product at 92 % of the cost price
$\frac{92}{100} of CP = 27600$
CP = $27600 \times\frac{ 100}{ 92}$
CP = $\frac{2760000}{92} = 30000$
So, the cost price = 30000₹
The actual loss = Cost price $-$ Selling price
= $30000 - 27600$
Actual loss = 2400 ₹
Therefore, the CP is 30000₹
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