Question

A person sold an article at a loss of 16%. Had he sold it for Rs. 660 more, he would have gained 8%. What should be the selling price (in Rs.) to gain a profit of 12%?
1. 2,970
2. 3,200
3. 2,750
4. 3,080

Answer 1

Correct Answer - Option 4 : 3,080

Given:

The person sold the article at a loss of 16% If he sold it for Rs. 660 more he have gained 8%

Concept Used:

Selling price = Cost Price + Profit

Calculation:

Accordingly,

(16 + 8)% → Rs. 660

⇒ 100% → (660/24) × 100

⇒ 100% → 2750

The cost price of the article is Rs. 2750

To get a profit of 12% net profit will be (12/100) × 2750

⇒ 330

The selling price should be (2750 + 330) = 3080

Rs. 3080 should be the selling price to gain a profit of 12%