Question : A merchant sold an article at a 20% loss. If he had sold it for Rs. 390 more, 6% would have been gained on the cost price. What is the cost price of the article?
Option 1: Rs. 1,200
Option 2: Rs. 2,600
Option 3: Rs. 1,500
Option 4: Rs. 1,800
Correct Answer: Rs. 1,500
Solution :
Given: A merchant sold an article at a 20% loss.
He had sold it for Rs. 390 more, 6% would have been gained on the cost price.
Here cost price is denoted by CP, selling price is denoted by SP.
Let the cost price of the article be Rs. $x$.
The SP after 20% loss = Rs. $\frac{80x}{100}$
According to the question,
$\frac{80x}{100}+390=\frac{106x}{100}$
⇒ $\frac{106x–80x}{100}=390$
⇒ $\frac{26x}{100}=390$
⇒ $x=\frac{39000}{26}=$ Rs. 1,500
Hence, the correct answer is Rs. 1,500.
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