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
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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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