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A bicycle is sold at a gain of 16%. If it had been sold for Rs. 20 more, 20% would have been gained. The C.P. of the bicycle is?

Rs. 350
Rs. 400
Rs. 500
Rs. 600

Correct Answer: Rs. 500

Explanation:

∵ (20% of C.P.) - (16% of C.P.) = Rs. 20
⇒ 4% of C.P. = 20
⇒ (4/100 x C.P.) = 20
⇒ C.P. = Rs. (100 x 20/4)
∴ C.P. of the bicycle = Rs. 500

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