Question
Download Solution PDFOn selling an article for ₹ 1,700, a shopkeeper loses 15%. To gain 20%, at what price must he sell that article ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Selling Price (SP) = ₹1,700
Loss = 15%
Gain = 20%
Formula used:
Cost Price (CP) = \(\dfrac{SP}{1 - \frac{Loss \%}{100}}\)
New Selling Price (SPnew) = \((1 + \frac{Gain \%}{100}) \times CP\)
Calculations:
CP = \(\dfrac{1700}{1 - \frac{15}{100}}\)
⇒ CP = \(\dfrac{1700}{0.85}\)
⇒ CP = ₹2,000
SPnew = \((1 + \frac{20}{100}) \times 2000\)
⇒ SPnew = \(1.20 \times 2000\)
⇒ SPnew = ₹2,400
∴ The correct answer is ₹2,400
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