Question : By selling an article for Rs. 450, I lose 20%. For what price should I sell it to gain 20%?
Option 1: Rs. 490
Option 2: Rs. 675
Option 3: Rs. 470
Option 4: Rs. 562.50
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Correct Answer: Rs. 675
Solution :
Given: On selling an article for Rs. 450, loss = 20%.
The cost price of the article $=\frac{100}{100–20}×450=\frac{100}{80} × 450 = 562.5$
$\therefore$ To gain 20%, the required selling price $=\frac{120×562.5}{100}=675$
Hence, the correct answer is Rs. 675.
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