For every question, four probable answers bear in letters (A), (B), (C) and (D) are given. Only one out of these is correct. You have to choose the orrect answer.
A chair was sold for Rs 240 with a loss of 20%. Cost price of chair is

Options

A. Rs. 290
B. Rs. 300
C. Rs. 310
D. Rs. 320

Answer

To find the cost price (CP) of the chair that was sold for Rs 240 with a loss of 20%, we can follow these steps:

### Step 1: Understand the relationship between Selling Price (SP), Cost Price (CP), and Loss Percentage
The formula for loss percentage is given by:
\[ \text{Loss Percentage} = \frac{\text{CP} - \text{SP}}{\text{CP}} \times 100 \]
Where:
- SP = Selling Price
- CP = Cost Price

### Step 2: Substitute the known values into the formula
We know:
- Selling Price (SP) = Rs 240
- Loss Percentage = 20%

Substituting these values into the formula:
\[ 20 = \frac{\text{CP} - 240}{\text{CP}} \times 100 \]

### Step 3: Simplify the equation
To simplify, we can divide both sides by 100:
\[ 0.2 = \frac{\text{CP} - 240}{\text{CP}} \]

### Step 4: Cross-multiply to eliminate the fraction
Cross-multiplying gives us:
\[ 0.2 \times \text{CP} = \text{CP} - 240 \]

### Step 5: Rearrange the equation
Rearranging the equation to isolate CP:
\[ \text{CP} - 0.2 \times \text{CP} = 240 \]
\[ 0.8 \times \text{CP} = 240 \]

### Step 6: Solve for CP
Now, divide both sides by 0.8 to find CP:
\[ \text{CP} = \frac{240}{0.8} = 300 \]

### Conclusion
The cost price of the chair is Rs 300.