Question : The profit obtained by selling an article for Rs. 625 is the same as the loss incurred if it is sold for Rs. 545. The price at which it is to be sold to realize a profit of Rs. 65 on the cost price is:
Option 1: Rs. 640
Option 2: Rs. 630
Option 3: Rs. 650
Option 4: Rs. 660
Correct Answer: Rs. 650
Solution :
Let the cost price of the article as $x$.
Given that the profit obtained by selling an article for Rs. 625 is the same as the loss incurred if it is sold for Rs. 545.
Using, Selling price = Cost price + Profit = Cost price – Loss
⇒ $625 – x = x – 545$
⇒ $x = \frac{625 + 545}{2} = 585$
The price at which it is to be sold to realize a profit of Rs. 65 on the cost price = $x + 65 = 585 + 65 = 650$
Hence, the correct answer is Rs. 650.
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