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Select the correct answerA man sold an article for Rs 6800 and incurred a loss. Had he sold the article for Rs7850, his gain would have been equal to half of the amount of loss that he incurred. At what price should he sell the article to have 20% profit?

Question

Select the correct answerA man sold an article for Rs 6800 and incurred a loss. Had he sold the article for Rs7850, his gain would have been equal to half of the amount of loss that he incurred. At what price should he sell the article to have 20% profit?

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Solution

Let's solve this step by step:

Step 1: Let's assume the cost price of the article is 'x' Rs.

Step 2: According to the problem, the man sold the article for Rs 6800 and incurred a loss. So, the loss is 'x - 6800'.

Step 3: It is also given that if he sold the article for Rs 7850, his gain would have been half of the loss he incurred. So, the gain is '7850 - x'.

Step 4: According to the problem, the gain is half of the loss. So, we can set up the equation as follows: 7850 - x = 1/2 * (x - 6800).

Step 5: Solving the above equation, we get x = Rs 7500. So, the cost price of the article is Rs 7500.

Step 6: To have a 20% profit, he should sell the article for 120% of the cost price. So, the selling price should be 1.2 * 7500 = Rs 9000.

So, to have a 20% profit, he should sell the article for Rs 9000.

This problem has been solved

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