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    Question

    A gold ring is sold for Rs.24,400 at a loss of 60%. What is the cost price of the gold ring?

    A Rs.60,000 Correct Answer Incorrect Answer
    B Rs.62,000 Correct Answer Incorrect Answer
    C Rs.63,000 Correct Answer Incorrect Answer
    D Rs.61,000 Correct Answer Incorrect Answer

    Solution

    ATQ, Given: SP = Rs.24,400 Loss = 60% of CP Hence, SP = 40% of CP We can write this as: SP = (40/100) × CP To find the cost price, rearrange the equation to solve for CP: CP = SP / (40/100) CP = Rs.24,400 / (40/100) CP = Rs.24,400 / 0.4 CP = Rs.61,000 The cost price of the gold ring was Rs.61,000.

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