Question : A man bought an article and sold it at a gain of 10%. If he had bought the article at 20% less and sold it for Rs. 1,000 more, he would have made a profit of 40%. The earlier selling price of the article (in Rs.) is:
Option 1: 55,000
Option 2: 60,000
Option 3: 50,000
Option 4: 40,000
Correct Answer: 55,000
Solution :
Let the cost price of the article as C and the selling price as S.
The man sold the article at a gain of 10%.
⇒ S = 1.1C
If he had bought the article at 20% less, the cost price would be 0.8C. If he sold it for Rs. 1,000 more, the selling price would be (S + 1000). At this selling price, he would have made a profit of 40%.
⇒ S + 1000 = 1.4 × 0.8C
Substituting S = 1.1C into this equation,
⇒ 1.1C + 1000 = 1.12C
⇒ 0.02C = 1000
⇒ C = 50000
Substituting C = 50000 into S = 1.1C,
⇒ S = 1.1 × 50000 = Rs. 55,000
Hence, the correct answer is 55,000.
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