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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