A merchant fixed the selling price of his articles at ₹ 700 after adding 40% profit to the cost price. As the sale was very low at this price level, he decided to fix at the selling price at 10% profit. Find the new selling price

₹ 450
₹ 490
₹ 500
₹ 550

Correct Answer: ₹ 550

Explanation:

Let cost price = ₹ N
According to the question,
N x [(100 + 40)/100] = 700,
⇒ N = (700 x 100)/140 = 500
∴ New selling price = 500 x (100 + 10)/100
= 5 x 110 = 550
= ₹ 550

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