Question : A person sold an article at a loss of 16%. Had he sold it for INR 660 more, he would have gained 8%. What should be the selling price (in INR) to gain a profit of 12%?
Option 1: 2,970
Option 2: 3,200
Option 3: 2,750
Option 4: 3,080
Correct Answer: 3,080
Solution :
Let $x$ be the cost price.
Loss = 16% of $x$ = $0.16x$
Selling price = cost price – loss = $x-0.16x$ = $0.84x$
New selling price = $0.84x+660$
Profit = 8% of $x$ = $0.08x$
Selling price – cost price = $0.08x$
$0.84x+660-x$ = $0.08x$
$⇒0.24x$ = 660
$\therefore x$ = $\frac{660}{0.24}$ = INR 2750
Profit = 12% of 2750 = INR 330
Selling price = cost price + profit = 2,750 + 330 = INR 3,080
Hence, the correct answer is INR 3,080.
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