# Harsh purchased a home from Abhishek for Rs. 80 lakhs. Had Abhishek bought the home for Rs. 3 lakhs more, his profit% would have been 25%. At what pri

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Harsh purchased a home from Abhishek for Rs. 80 lakhs. Had Abhishek bought the home for Rs. 3 lakhs more, his profit% would have been 25%. At what price should Abhishek have sold the home to incur a profit of 36%?
1. 80.98 lacs
2. 82.96 lacs
3. 84.56 lacs
4. 85.52 lacs

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Correct Answer - Option 2 : 82.96 lacs

Given:

Harsh purchased a home from Abhishek for Rs. 80 lakhs.

Had Abhishek bought the home for Rs. 3 lakhs more, his profit % would have been 25%.

Abhishek should have sold the home to incur a profit of 36%.

Formula Used:

Profit or Gain = Selling price – Cost Price

Loss = Cost Price – Selling Price

Profit percentage = (Profit/Cost Price) x 100

Loss percentage = (Loss/Cost price) x 100

Calculation:

Selling price for Abhishek is Rs. 80 lacs and profit is 25%

Cost price = Rs. (80 × 100/125)lacs = 64 lacs

This is not the actual cost price; this is the increased cost price when he earns 25% profit

Actual cost price = Rs. (64- 3) lacs = 61 lacs

Required selling price = 61 × 1.36 = 82.96 lacs

∴ The selling price should be Rs. 82.96 lacs.

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