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A certain quantity of rice was bought for Rs. x and sold for Rs. y, thereby earning a profit of 25%. Had the cost price been 20% less and the selling price been Rs. 58 less, a profit of 20% would have been earned. Find the value of x.
1. 400
2. 200
3. 300
4. 250

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Best answer
Correct Answer - Option 2 : 200

Given:

Cost price, CP = Rs x

Selling price, SP = Rs y

Profit % = 25%

Concept used:

SP = CP × (100 + P)%

Calculation:

SP = CP  × (100 + P%)

y = x × (125/100)

y= 5x/4      ----(1)

The new cost price = 80% of x

The new selling price = y - 58

Then, (y - 58) = 80% × x × (100 + 20)%      ----(2)

Putting (1) in (2), 

5x/4 - 58 = 4x/5 × 6/5

Solving the equation we get,

29x/100 = 58

Or, x = Rs 200

∴ The cost price of the article is Rs 200. 

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