Question

Instead of selling an article at 10% profit, a man sells it at 10% loss for Rs. 450, At what price he wanted to sell it to earn the profit?

1. Rs. 560
2. Rs. 550
3. Rs. 500
4. Rs. 350

Answer 1

Correct Answer - Option 2 : Rs. 550

Given:

Selling price = Rs. 450,

loss % = 10%

Profit % = 10%

Formula used:

S.P. = C.P. × (100 – L%)/100

S.P. = C.P. × (100 + P%)/100

Where

S.P. → Selling price

CP → Cost price

L% → Loss %

P% ⇒ Profit %

Calculations:

S.P. = C.P. × (100 – L%)/100

So, CP = (SP × 100)/(100 – L%)

The cost price = (450 × 100)/(100 –10) = 450 × (100/90)

⇒ CP = 500

For 10% profit

S.P. = C.P. × (100 + P%)/100

⇒ S.P. = 500 × (100 + 10)/100 = Rs. 550

∴ The required selling price of the product is Rs. 550.