Question
Download Solution PDFA trader sells an article at 16% below its cost price. Had he sold it for Rs. 192.20 more, he would have gained 15%. The new selling price (in Rs.) of the article is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A trader sells an article at 16% below its cost price. Had he sold it for Rs. 192.20 more, he would have gained 15%.
Formula Used:
Let the cost price be CP
Selling price at 16% loss = CP × (1 - 16/100)
New selling price at 15% gain = CP × (1 + 15/100)
Calculation:
Selling price at 16% loss = CP × 0.84
New selling price = CP × 0.84 + 192.20
New selling price at 15% gain = CP × 1.15
⇒ CP × 0.84 + 192.20 = CP × 1.15
⇒ CP × 1.15 - CP × 0.84 = 192.20
⇒ CP × (1.15 - 0.84) = 192.20
⇒ CP × 0.31 = 192.20
⇒ CP = 192.20 / 0.31
⇒ CP = 620
New selling price = CP × 1.15
⇒ New selling price = 620 × 1.15
⇒ New selling price = 713
∴ The correct answer is option (4).
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