Question : By selling a water heater for INR 320, the shopkeeper incurs a loss of 20%. If he wants to earn a profit of 20%, at what price should he sell the water heater?
Option 1: INR 480
Option 2: INR 105
Option 3: INR 400
Option 4: INR 100
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Correct Answer: INR 480
Solution : Given: By selling a water heater for INR 320, the shopkeeper incurs a loss of 20%. Here cost price is denoted by CP, selling price is denoted by SP. CP = $\frac{SP\times 100}{100– Loss}$ SP = $\frac{CP\times (100+Profit)}{100}$ According to the questions, ⇒ $CP = \frac{320 \times 100}{100–20}= \frac{320 \times 100}{80}=$ INR 400 For SP, ⇒ $SP = \frac{400 \times (100+20)}{100}= \frac{400 \times 120}{100}=$ INR 480 Hence, the correct answer is INR 480.
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