Question : If an article is sold at a 6% profit instead of a 6% loss, the seller gets INR 60.72 more. Find the Cost price of the article.
Option 1: INR 506
Option 2: INR 606
Option 3: INR 572
Option 4: INR 672
Correct Answer: INR 506
Solution :
Let the cost price of the article be 100$x$.
If it is sold for 6% profit, then the selling price = 106$x$
If it is sold for 6% loss, then the selling price = 94$x$
The difference in the selling price = 106$x$ – 94$x$ = 12$x$
Given, the difference in price = 60.72
According to the question:
⇒ 12$x$ = 60.72
⇒ $x$ = $\frac{60.72}{12}$
⇒ The cost price of the article = 100$x$ = 100 × $\frac{60.72}{12}$ = INR 506
Hence, the correct answer is INR 506.
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