Question : A man sold an article at a gain of 5%. Had he sold it for Rs. 240 more, he would have gained 8%. The cost price of the article is:
Option 1: Rs. 6,000
Option 2: Rs. 10,000
Option 3: Rs. 12,000
Option 4: Rs. 8,000
Correct Answer: Rs. 8,000
Solution :
Initial gain = 5% of cost price
After increasing the selling price by Rs. 240,
Final gain = 8% of cost price
⇒ Rs. 240 = 8% of cost price– 5% of cost price
⇒ Rs. 240 = 3% of cost price
Cost price = $\frac{240}{0.03}$ = Rs. 8,000
Hence, the correct answer is Rs. 8,000.
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