Question : A shopkeeper sells a book at a loss of 40%. Had he sold the book for Rs. 120 more, then he would have suffered a loss of 10%. To earn a profit of 10%, what should be the selling price of the book?
Option 1: Rs. 400
Option 2: Rs. 440
Option 3: Rs. 500
Option 4: Rs. 650
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Correct Answer: Rs. 440
Solution :
Let the cost price be 100.
At loss of 40%, selling price = 60
At loss of 10%, selling price = 90
Difference between both selling price = 90 – 60 = 30
The difference is equivalent to Rs. 120.
$\therefore$ Cost price $=\frac{100}{30}×120=400$
To earn a profit of 10%, selling price should be $=\frac{110}{100}\times400= 440$
Hence, the correct answer is Rs. 440.
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