Question : By selling cloth at INR 9 per metre, a shopkeeper loses 10%. Find the rate at which it should be sold to earn a profit of 15%.
Option 1: INR 11.20
Option 2: INR 11.30
Option 3: INR 11.40
Option 4: INR 11.50
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Correct Answer: INR 11.50
Solution :
Selling price = INR 9
Loss = 10% of cost price
Selling price = Cost price – Loss
⇒ 9 = cost price – 10% of cost price
⇒ 9 = 90% of cost price
⇒ Cost price = $\frac{9}{90}×100$ =INR 10
So, Profit = 15% of cost price = 15% of 10 = INR 1.5
Now, Selling price = cost price + profit = 10 + 1.5 = INR 11.5
Hence, the correct answer is INR 11.5.
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