A trader sold an article at profit of 20%. Had he bought that article at 60% less price and sold it at Rs 90 less, then he would have gained 50%. What is the value (in Rs) of cost price?Options300200150250
Question
A trader sold an article at profit of 20%. Had he bought that article at 60% less price and sold it at Rs 90 less, then he would have gained 50%. What is the value (in Rs) of cost price?Options300200150250
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price of the article is Rs. x.
Step 2: According to the problem, the trader sold the article at a profit of 20%. So, the selling price of the article is 120% of x, which is 1.2x.
Step 3: The problem also states that if the trader had bought the article at 60% less price, the cost price would have been 40% of x, which is 0.4x.
Step 4: If he sold it at Rs 90 less, then the selling price would have been 1.2x - 90.
Step 5: According to the problem, this would have given him a profit of 50%. So, the selling price is 150% of the reduced cost price, which is 1.5 * 0.4x = 0.6x.
Step 6: Now, we can set up the equation 1.2x - 90 = 0.6x.
Step 7: Solving this equation gives x = 150.
So, the cost price of the article is Rs. 150.
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