Question : A shopkeeper bought 20 chairs for Rs.18,000. On selling them, he had a gain equal to the selling price of four chairs. What was the selling price of each chair?
Option 1: Rs. 1,125
Option 2: Rs. 1,200
Option 3: Rs. 1,250
Option 4: Rs. 1,175
Correct Answer: Rs. 1,125
Solution :
Profit = (SP of 20 chairs) − (CP of 20 chairs), where SP is the selling price and CP is the cost price.
⇒ SP of 4 chairs = SP of 20 chairs – CP of 20 chairs
⇒ SP of 16 chairs = CP of 20 chairs = Rs. 18000
⇒ SP of 1 chair = $\frac{18000}{16} =1125$
So, the selling price of each chair is Rs. 1,125.
Hence, the correct answer is Rs. 1,125.
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