Question : By selling a fan for Rs. 1,900 a man has a loss of 5%, then at what price (in Rs) should he sell the fan to gain 20%:
Option 1: Rs. 2,000
Option 2: Rs. 2,400
Option 3: Rs. 2,600
Option 4: Rs. 2,800
Correct Answer: Rs. 2,400
Solution : Here CP is the cost price and SP is the selling price. Given: SP of fan = Rs. 1,900 Let CP be Rs. $x$. SP at at a loss of 5% = $\frac{95x}{100}$ ⇒ $\frac{95x}{100}=1900$ ⇒ $x=2000$ To get a 20% profit, SP = $\frac{100+\text{Profit}}{100}\times$ CP = $\frac{120}{100}\times2000$ = Rs. 2,400 Hence, the correct answer is Rs. 2,400.
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