Question : By selling a watch for INR 2,000, a shopkeeper loses 20%. How much would he gain or lose by selling it for INR 3,000?
Option 1: 20% gain
Option 2: 25% gain
Option 3: 15% loss
Option 4: 25% loss
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Correct Answer: 20% gain
Solution :
Selling Price = INR 2,000
Loss = 20% of Cost Price
Selling Price = 80% of Cost Price
2,000 = $\frac{80}{100}$ × Cost Price
Cost Price = $\frac{2000}{0.8}$ = 2500
Selling Price = INR 3,000
Here SP > CP
So, it's a profit.
Profit = 3000 – 2500 = INR 500
Profit% = $\frac{500}{2500}×100$ = 20%
Hence, the correct answer is 20% gain.
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