Question : A trader sold an article at a gain of 20%. Had he purchased it for 40% more and sold it for Rs. 24 less, he would have incurred a loss of 20%. What is the cost price (in Rs.) of the article?
Option 1: Rs. 150
Option 2: Rs. 300
Option 3: Rs. 450
Option 4: Rs. 600
Correct Answer: Rs. 300
Solution :
Here, SP is the selling price and CP is the cost price.
Let the CP of the article be
Give, Profit = 20%
⇒ SP =
New CP =
New SP =
According to the question,
⇒
⇒
⇒
⇒
Hence, the correct answer is Rs. 300.