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Profit earned by selling an article for Rs. 1,680 is the same as the loss incurred by selling the same article for Rs. 1,420. At what price, should it is sold to gain 20% profit. 
1. Rs. 1,860
2. Rs. 2,860
3. Rs. 3,600
4. Rs. 1,820

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Correct Answer - Option 1 : Rs. 1,860

Given:

Profit earned by selling an article for 1680 = loss incurred by selling same article for 1420

Profit percent have to be earned = 20%

Formula used:

Profit = Selling price – Cost price

Loss = Cost price – Selling price

% Profit = profit/cost price × 100

% loss = loss/cost price × 100

Selling price = (100 ± a %) /100 × C.P

Where + a% = percent profit,

And, – a% = percent loss

Concept used:

Profit and loss is always calculated on C.P

Calculation:

Let C.P of the article be X.

Profit earned by selling at 1680 = 1680 – X

Similarly, Loss incurred by selling at 1420 = X – 1420

Profit earned = loss incurred

1680 – X = X – 1420

2X = 1680 + 1420 = 3100

X = 3100/2 = 1550

C.P of article = X = 1550

% Profit = 20%

S.P = (100 + 20)/100 × 1550

⇒ 120/100 × 1550

⇒ 1860

∴ Selling price of article to gain 20% profit is Rs. 1,860.

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