Question : Ramesh sold a book at a loss of 30%. If he had sold it for Rs. 140 more, he would have made a profit of 40%. The cost price of the book is:
Option 1: Rs. 280
Option 2: Rs. 200
Option 3: Rs. 260
Option 4: Rs. 300
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Correct Answer: Rs. 200
Solution :
Loss = 30% of cost price
⇒ Selling price = cost price – loss = 70% of cost price
70% of cost Price + Rs.140 = cost price + profit
Profit = 40% of cost price
⇒ 70% of cost price + Rs. 140 = 140% of cost price
⇒ 70% of cost price = Rs. 140
⇒ Cost price = $\frac{140}{0.7}$ = Rs. 200
Hence, the correct answer is Rs. 200.
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