Question : A horse was sold for Rs. 60,000 at a profit of 20%. For what price should he have sold to gain a 30% profit?
Option 1: Rs. 64,000
Option 2: Rs. 65,000
Option 3: Rs. 50,000
Option 4: Rs. 55,000
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Correct Answer: Rs. 65,000
Solution :
Selling price of the horse at a profit of 20% = Rs. 60,000
$\therefore$ Cost price of the horse $=\frac{100}{100+20}×60000=50000$
To get a profit of 30%, new selling price of the horse $=\frac{100+30}{100}×50000=65000$
Hence, the correct answer is Rs. 65,000.
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