Question : A person sold an article at a loss of 16%. Had he sold it for Rs. 660 more, he would have gained 8%. If the article is sold at Rs. 3,080, then how much profit percentage is gained?
Option 1: 10%
Option 2: 15%
Option 3: 20%
Option 4: 12%
Correct Answer: 12%
Solution :
Let the cost price of the article as C.
From the problem,
The article was sold at a loss of 16%.
The first selling price = C – 0.16C = C(1 – 0.16)
Had the article been sold for Rs. 660 more, there would have been a gain of 8%.
The second selling price = C + 0.08C = C(1 + 0.08)
Then, according to the question
⇒ C(1 – 0.16) + 660 = C(1 + 0.08)
⇒ C = $\frac{660}{0.08 + 0.16}$ = 2750
The cost price of the article = Rs. 2750
If the article is sold at Rs. 3080, the profit is 3080 – 2750 = 330.
The profit percentage = $\frac{330}{2750}$ × 100 = 12%
Hence, the correct answer is 12%.
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