Question : If the cost price is Rs. 150 less than the selling price and the profit is 20%, then what is the selling price (in Rs.)?
Option 1: Rs. 750
Option 2: Rs. 800
Option 3: Rs. 850
Option 4: Rs. 900
Correct Answer: Rs. 900
Solution :
Let the selling price be $x$.
⇒ Cost Price = $x$ – 150
Profit = 20%
Profit % = $[\frac{\text{Selling price - Cost price}}{\text{Cost price}} ] \times100$
⇒ 0.2 = $[\frac{x - x +150}{x - 150}]$
⇒ 0.2$x$ – 30 = 150
⇒ 0.2$x$ = 180
$\therefore x$ = Rs. 900
Hence, the correct answer is Rs. 900.
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