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Ramesh bought 200 spoons at a total price of 2400. He sold 150 spoons at Rs 14 per spoon. At what rate he would sell the remaining 50 spoons so as to gain a profit of 10%?
1. Rs. 10.8
2. Rs. 12.6
3. Rs. 14.6
4. Rs. 8.4

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Best answer
Correct Answer - Option 1 : Rs. 10.8

Given:

Ramesh bought 200 spoons at a total price of Rs. 2400.

He sold 150 spoons at Rs. 14 per spoon.

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:

Ramesh bought 200 spoons at a total price of Rs. 2400

Selling price = Rs. (150 × 14) = Rs. 2100

Amount remains for no profit no loss = Rs. (2400 – 2100) = Rs. 300

To gain a overall 10% the selling price = Rs. (2400 × 11/10) = Rs. 2640

⇒ 2640 – 2100 = 540

Rate = 540/50 = 10.8

∴ The rate is 10.8%

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