Question : A wristwatch is sold for INR 1,200 at a profit percentage equal to its cost price. Find the cost price of the wristwatch.
Option 1: INR 400
Option 2: INR 250
Option 3: INR 350
Option 4: INR 300
Correct Answer: INR 300
Solution :
Let the cost price of the watch be $x$.
The selling price of the wristwatch = INR 1,200
Profit percentage = $\frac{1200-x}{x}×100$
According to the question,
$x=\frac{1200-x}{x}×100$
$⇒x^2+100x-120000=0$
$⇒x^2+400x-300x-120000=0$
$⇒(x-300)(x+400)=0$
$\therefore x=300,-400$
$x$ can't be negative, because the price of the watch can't be negative.
So, $x=300$
Hence, the correct answer is INR 300.
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