The profit earned by selling an article for ₹832 is equal to the loss incurred when the article is sold for ₹448. What should be the selling price (in ₹) to make a profit of 10% ?
Answer & explanation
Correct answer: option 4
According to the question,
Profit earned by selling the article for Rs. 832 = Loss incurred by selling the article at Rs. 448
⇒ Original SP - CP = CP - New SP
⇒ 832 - CP = CP - 448
⇒ 2 × CP = 832 + 448
⇒ CP = \(\frac{1280}{2}\)
⇒ CP = Rs. 640
Now, the Selling Price for making 10% profit,
⇒ 640 × (\(\frac{11}{10}\) )
⇒ 64 × 11
⇒ Rs. 704