Question : While selling an article for INR 8,442, a person suffered a loss of 30%. At what price he should have sold the article to earn a profit of 20%?
Option 1: INR 15,686
Option 2: INR 14,472
Option 3: INR 12,806
Option 4: INR 13,885
Correct Answer: INR 14,472
Solution :
Selling price = INR 8442
Loss = 30% of cost price
Loss = cost price – selling price
⇒ 30% of cost price = cost price – 8442
⇒ 8442 = 70% of the cost price
So, the cost price = $\frac{8442}{0.7}$ = 12060
Profit = 20% of cost price
Selling price = cost price + 20% of cost price
= 120% of 12060
= INR 14,472
Hence, the correct answer is INR 14,472.
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