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When a person sells an article for Rs. 1,200, he earns a profit that is equal to twice the amount of loss he would incur on selling the article for Rs. 750, If he sells the article for Rs. 925.20, then there is a:
1. gain of 3%
2. loss of 2.8%
3. gain of 2.8%
4. loss of 2.6%

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Correct Answer - Option 3 : gain of 2.8%

Given:

Old S.P = Rs. 1200

New S.P = Rs. 925.20

Formula used:

Profit % = (S.P – C.P)/C.P × 100

Calculation:

Let C.P of an article be x

According to question

⇒ 1200 – x = 2(x – 750)

⇒ 1200 – x = 2x – 1500

⇒ 3x = 2700

⇒ x = Rs. 900

Profit % = (S.P – C.P)/C.P × 100

⇒ Profit % = (925.20 – 900)/900 × 100

⇒ 25.20/9

⇒ 2.8%

∴ The profit is 2.8%

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