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A man wanted to sell an article with 20% profit, but he actually sold at 20% loss for Rs. 480, At what price he wanted to sell it to earn the profit?
1. Rs.720
2. Rs.600
3. Rs.840
4. Rs.750

1 Answer

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Best answer
Correct Answer - Option 1 : Rs.720

Given:

When he sold at 20% loss, Selling price = Rs. 480

Profit % = 20%

Formula used:

Profit = S.P – C.P

Loss = C.P – S.P

Profit % = (profit/C.P) × 100

Loss % = (loss/C.P) × 100

Calculation:

Let the cost price be 'x'.

Selling Price initially = Rs. 480

Loss = 20% of x

⇒ Loss = x/5

S.P = C.P + loss

⇒ S.P = x – x/5

⇒ (4x)/5 = 480

⇒ x = 600

Profit = 20% of 600

⇒ Profit = Rs. 120

New selling price = C.P + profit

⇒ New selling price = 600 + 120

⇒ Rs. 720

∴ The new selling price when 20% profit gain is Rs. 720.

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