Question : Rahul sold a box for INR 1,440 at a loss of 40%. What should the selling price of the box be to enable Rahul to earn a profit of 40%?
Option 1: INR 2,592
Option 2: INR 3,480
Option 3: INR 3,120
Option 4: INR 3,360
Correct Answer: INR 3,360
Solution :
Selling price = INR 1,440
Loss = 40% of cost price
Cost price = selling price + loss
⇒ Cost price = 1440 + 40% of cost price
⇒ 60% of cost price = 1440
⇒ Cost price = $\frac{1440}{0.6}$ = INR 2400
Profit = 40% of cost price = 0.4 × 2400 = INR 960
So, the selling price = cost price + profit = 2400 + 960 = INR 3,360
Hence, the correct answer is INR 3,360.
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