If a person sells a ceiling fan for ₹557.75, then he gets a 15% profit. To get a 20% profit, at what amount should he sell the fan?
Answer & explanation
Correct answer: option 4
Let the cost price = 100
Profit = 15%
Then the selling price = 115% of 100 = 115
Required profit = 20%
So the final selling price = 120% of 100 = 120
So, 115% of CP = 557.75
then, 120% of CP = \(\frac{557.75}{115}\) × 120 = ₹582