Question : A person sold a carpet for INR 360 and incurred a loss of 10%. At what price should it have been sold to make a gain of 20%?
Option 1: INR 400
Option 2: INR 390
Option 3: INR 480
Option 4: INR 420
Correct Answer: INR 480
Solution :
Let's see the cost price of the carpet as CP
Since Selling Price = Cost Price − Loss
So, 360 = CP − 0.10 × CP
⇒ 360 = 0.90 × CP
⇒ CP = $\frac{360}{0.90}$ = 400
Selling Price if profit is 20% = Cost Price + Gain = 400 + 0.20 × 400 = 400 + 80
= 480
Hence, the correct answer is INR 480.
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