12 ½ %
Step-by-step explanation:
Given that, Cost price of 18 chairs = selling price of 16 chairs
So, let the cost price of 1 chair be Rs x
Selling price of 16 chairs =Rs 18x
Selling price of 1 chair = Rs 18x/16
By using the formula,
Gain = selling price – cost price
= 18x/16 – x
= 2x/16
= Rs x/8
By using the formula,
Gain % = (gain/cost price) × 100
= (x/8)/x × 100
= 25/2
= 12 ½ %