5 Views

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


Team Careers360 12th Jan, 2024
Answer (1)
Team Careers360 18th Jan, 2024

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.

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books