​A gold ring is sold for ₹17,500 at a loss of 30%. What is the cost price of the gold ring? ​

Correct option is B

Given:

Selling Price = ₹17,500 

Loss = 30%. 

Formula used:

Loss% = $$\frac{\text{Cost price - Selling price}}{\text{Cost price}}\times 100$$ 

Solution:

Let Cost price of ring = X

​Loss% = $$\frac{\text{Cost price - Selling price}}{\text{Cost price}}\times 100$$

30 = $$(\frac{\text{X} - 17500}{\text{X}})\times 100$$

​$$\frac{30}{100}$$​ = 1 - $$\frac{17500}{\text{X}}$$

$$\frac{17500}{\text{X}}$$​ = 1 - 0.3

​$$\frac{17500}{\text{X}}$$​ = 0.7

X = $$\frac{17500}{0.7}$$

X = $$\frac{175000}{7}$$

X = 25,000

Thus, option (b) is correct.

Alternative Method:

CP:SP

10:7

7x = 17500

x = 2500

Cost price = 10x

Cost price = 10 × 2500

Cost price = 25,000