Joseph bought two woolen jackets for ₹2,100 and ₹3,150, respectively. By selling the first at a gain of k% and the second at a loss of k%, he found that the selling price of both is the same. What is the value of k?
Answer & explanation
Correct answer: option 1
Joseph bought two woolen jackets for ₹2,100 and ₹3,150 respectively.
Selling price = CP ( 1 +- (Loss or Profit)%
So according to the question,
2100 ( 1 + k%) = 3150 ( 1 - k%)
\(\frac{( 1 + k%)}{( 1 - k%)}\)) = \(\frac{3150}{2100 }\)
\(\frac{( 1 + k%)}{( 1 - k%)}\)) = \(\frac{3}{2}\)
5k = 100
k = 20