Question : A shopkeeper sells a book at a loss of 60 percent. Had he sold the book for Rs. 150 more, then he would have suffered a loss of 30 percent. To earn a profit of 20 percent, what should be the selling price of the book?
Option 1: Rs. 650
Option 2: Rs. 600
Option 3: Rs. 700
Option 4: Rs. 550
Correct Answer: Rs. 600
Solution :
We know,
Selling price = $\frac{100\pm \text {Profit% or Loss%}}{100}\times \text {Cost price}$
When, Loss = 60%
Let the cost price be Rs. $x$.
Selling price = $\frac{100 – 60}{100} \times x = 0.4x$
When, Loss = 30%
Selling price = $\frac{100 – 30}{100} \times x = 0.7x$
According to the question,
$0.7x-0.4x=150$
⇒ $0.3x = 150$
$\therefore x =500$
$\therefore$ Selling price when profit percent is 20% = 120% of 500 = Rs. 600
Hence, the correct answer is Rs. 600.
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