A seller loses 20% when he sells the product for Rs. 1600. For how much price must he sell to gain 10% ?Question 4Answera.None of theseb.Rs. 2300 c.Rs. 2100d.Rs. 2200
Question
A seller loses 20% when he sells the product for Rs. 1600. For how much price must he sell to gain 10% ?Question 4Answera.None of theseb.Rs. 2300 c.Rs. 2100d.Rs. 2200
Solution
First, let's find out the cost price of the product.
Given that the seller incurs a loss of 20% when he sells the product for Rs. 1600, this means that Rs. 1600 represents 80% of the cost price (since 100% - 20% = 80%).
So, we can set up the equation:
80/100 * Cost Price = Rs. 1600
Solving for Cost Price gives us:
Cost Price = Rs. 1600 / (80/100) = Rs. 2000
Now, to find out the price he must sell it for to gain a 10% profit, we calculate 10% of the cost price and add it to the cost price.
10/100 * Rs. 2000 = Rs. 200
So, the price he must sell it for to gain a 10% profit is Rs. 2000 + Rs. 200 = Rs. 2200
So, the answer is (d) Rs. 2200.
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