Question : By selling a fan for Rs. 600, a man loses 10%. To make a gain of 20%, the selling price of the fan should be:
Option 1: Rs. 900
Option 2: Rs. 1000
Option 3: Rs. 700
Option 4: Rs. 800
Correct Answer: Rs. 800
Solution :
Here CP denotes cost price and SP denotes selling price.
CP = SP$(\frac{100}{100-Loss\%})$
⇒ CP = 600$(\frac{100}{100-10})$
⇒ CP = 600$(\frac{100}{90})$
⇒ CP = Rs. $\frac{6000}{9}$
SP = CP$(\frac{100+Profit\%}{100})$
⇒ SP = $\frac{6000}{9}(\frac{100+20}{100})$
⇒ SP = $\frac{6000}{9}(\frac{120}{100})$
⇒ SP = Rs. 800
Hence, the correct answer is Rs. 800.
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