On selling an article at ₹ 530, the gain is 20% more than the loss incurred on selling it at ₹ 475. In order to gain 20% the selling price will be

₹ 900
₹ 600
₹ 700
₹ 500

Correct Answer: ₹ 600

Explanation:

Let CP = N
Then, according to the question,
(120/100) x (N - 475) = (530 - N)
⇒ (6/5) x (N - 475) = (530 - N)
⇒ (6N - 2850) = (2650 - 5N)
⇒ 11N = 5500
∴ N = ₹ 500
∴ Required SP = (500 x 120)/100 = ₹ 600

More Questions from Profit and Loss

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