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In an exhibition, Almond bought a painting for Rs. 20000. He later sold it to Olive for Rs. 23000. Olive sold it to Sarah for double the profit percentage that Almond earned. At what price should Sarah sell this painting to earn 8% profit ?

Rs. 34,410
Rs. 31,184
Rs. 29,999
Rs. 32,292

Correct Answer: Rs. 32,292

Explanation:

Almond Selling price = CP(1 + P%/100)

=> CP = 20000, SP = 23000

=> 23000 = 20000 (1 + P/100)

=> P% = 100(23000/20000 - 1) = 15

Then, Olive's P% = 30%

SP for Olive = CP for Sarah = 23000(1 + 30/100) = 29900

Now Sarah wants to earn profit of 8%

=> Sp for Sarah = 29900(1 + 8/100)

= Rs. 32,292.

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