A man bought an article and sold it at a gain of 10%. If he had bought the article at 20% less and sold it for ₹1,000 more, he would have made a profit of 40%. The earlier selling price of the article (in ₹) is:
Answer & explanation
Correct answer: option 1
Let the CP of the article = X
Man sold it at 10% profit which means he sold it at 1.1X
Had he bought it at 0.8X and sold at 1.1X + 1000
Means 1.1X+1000- 0.8X = 40 % of 0.8X
0.3X+1000 = 0.32X
1000 = 0.02X
X = 50000
So, the selling price = 110% of 50000 = 55000