Question : A man sold his bike for INR 18,600 at 55% profit. At what price would he have sold to incur a loss of 10%?
Option 1: INR 10,800
Option 2: INR 15,000
Option 3: INR 11,200
Option 4: INR 16,600
Correct Answer: INR 10,800
Solution :
Selling price = INR 18,600
Profit = 55% of cost price
Cost price = Selling price – profit
Cost price = 18600 – 55% of cost price
155% of cost price = 18,600
Cost price = $\frac{18600}{1.55}$ = INR 12,000
Loss = 10% of cost price = 10% × 12000 = 1,200
Selling price = cost price – loss
= 12000 – 1200
= INR 10,800
Hence, the correct answer is INR 10,800.
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