Question : An article is sold at a gain of 15%. Had it been sold for Rs. 27 more, the profit would have been 20%. The cost price of the article is:
Option 1: Rs. 500
Option 2: Rs. 700
Option 3: Rs. 540
Option 4: Rs. 545
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Correct Answer: Rs. 540
Solution :
Let the cost price of the article be $x$.
An article is sold at a gain of 15%.
So, selling price of the article = $\frac{115}{100}×x$
Had it been sold for Rs. 27 more, then the selling price would be, $\frac{115}{100}×x+27$
If the profit had been 20%, the selling price would be, $\frac{120}{100}×x$
According to the question,
$\frac{115}{100}×x+27=\frac{120}{100}×x$
⇒ $\frac{5x}{100}=27$
$\therefore x =540$
Hence, the correct answer is Rs. 540.
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