Question

A person wants to sell an item at a profit of 20% but he sold it for ₹ 480 at a loss of 20%. At what price should have he sold it to get the required profit?
1. ₹840
2. ₹600
3. ₹750
4. ₹720

Answer 1

Correct Answer - Option 4 : ₹720

Given:

Selling price = Rs. 480

Loss% = 20%

Profit% = 20%

Formula used:

C.P = (S.P × 100)/(100- loss%)

S.P = [C.P × (100 + profit)]/100

Calculation:

C.P = (480 × 100)/(100 - 20)

⇒ (480 × 100)/80

⇒ Rs. 600

Again S.P = (600 × 120)/100

⇒ Rs. 720

∴ The Selling price is Rs. 720.