Question : A person sold an article at a loss of 4%. Had he sold it at a gain of 1%, he would have received Rs. 42.5 more. To gain 18%, what must be his selling price?
Option 1: Rs. 756
Option 2: Rs. 900
Option 3: Rs.1003
Option 4: Rs. 850
Correct Answer: Rs.1003
Solution :
Let the cost price of the article be $x$.
A person sold an article at a loss of 4%.
Selling price of the article = $\frac{96}{100}×x=\frac{24x}{25}$
According to the question,
$\frac{101x}{100}-\frac{24x}{25}=42.5$
$⇒\frac{101x-96x}{100}=42.5$
$⇒\frac{x}{20}=42.5$
$\therefore x=850$
To gain 18%, selling price $=\frac{118}{100}×850=1003$
Hence, the correct answer is Rs. 1003.
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