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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


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

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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