Question : A radio is sold at a profit of 20%. Had it been sold for Rs. 60 more the profit would have been 30%. The cost price of the radio is:
Option 1: Rs. 500
Option 2: Rs. 600
Option 3: Rs. 550
Option 4: Rs. 620
Correct Answer: Rs. 600
Solution : Let the initial cost of the radio be $x$. According to the question, $x+\frac{20x}{100}+60=x+\frac{30x}{100}$ ⇒ $60=\frac{30x}{100}-\frac{20x}{100}$ ⇒ $60=\frac{10x}{100}$ ⇒ $x=600$ Hence, the correct answer is Rs. 600.
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