Question : By selling a bag for Rs. 230, a profit of 15% is made. The selling price of the bag, when sold at 20% profit, would be:
Option 1: Rs. 250
Option 2: Rs. 205
Option 3: Rs. 240
Option 4: Rs. 200
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Correct Answer: Rs. 240
Solution :
Let the Cost price (CP) be Rs. $x$.
Selling price (SP) of the bag = Rs. 230 and profit = 15%
SP = $\frac{100 +\text{Profit %}}{100}$ × CP = 230
⇒ $\frac{115x}{100}$ = 230
⇒ $x$ = $\frac{230}{115}$ × 100
⇒ $x$ = 200
For a profit of 20%,
The new selling price of the bag = $\frac{100+20}{100}$ × 200 = $\frac{120}{100}$ × 200 = Rs. 240
Hence, the correct answer is Rs. 240.
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