Question : If an article is sold for INR 355, there is a loss of 29%. At what price (in INR) should it be sold to gain 31% of profit?
Option 1: 675
Option 2: 635
Option 3: 625
Option 4: 655
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Correct Answer: 655
Solution :
Selling Price (SP) of the article = INR 355
Let the Cost Price of the article be $x$.
We know, Selling price = $\frac{100- \text{Loss}\%}{100}×$ cost price
$⇒x \times \frac{71}{100}= 355$
$\therefore x= 500$
To gain 31% profit then the new SP of the article = $500 \times \frac{131}{100}$ = INR 655
Hence, the correct answer is INR 655.
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