Question

Ravi bought a chair and spent Rs. 1000 on its repairs. Then he sold it to Ragu at a profit of 30% and then he sold it to Suresh at a loss of 20%. Suresh finally sold it for Rs. 4992 at a profit of 20%. How much amount did Ravi initially pay for the chair?

1. 2500
2. 2800
3. 3000
4. 4000

Answer 1

Correct Answer - Option 3 : 3000

Given:

Ravi bought a chair and spent Rs. 1000 on its repairs. Then he sold it to Ragu at a profit of 30% and then he sold it to Suresh at a loss of 20%. Suresh finally sold it for Rs. 4992 at a profit of 20%

Calculation

Let Ravi pay for the chair be Rs. x,

(x + 1000) × (130/100) × (80/100) × (120/100) = 4992

(x + 1000) = (4992 × 100 × 100 × 100)/(130 × 80 × 120)

(x + 1000) = 4000

X = 4000 – 1000 = Rs. 3000

∴ Ravi initially pays Rs. 3000 for the chair.