Question : By selling an article for Rs. 33,000 a man gains 10%. To get a profit of 20%, he has to sell it for:
Option 1: Rs. 30,000
Option 2: Rs. 35,000
Option 3: Rs. 36,000
Option 4: Rs. 36,600
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Correct Answer: Rs. 36,000
Solution : Let the cost price of the article be Rs. $x$. A gain of $10\%$ on the cost price is equal to $0.10x$. So, the selling price is the cost price plus the gain: Selling Price = Cost Price + Gain = $x+0.10x=1.10x$ Given that the selling price is Rs. 33,000: ⇒ $1.10x=33,000$ ⇒ $x = 30,000$ So, the cost price ($x$) is Rs. 30,000. Now, to get a profit of $20\%$, the selling price needs to be: New Selling Price = Cost Price + 0.20$\times$Cost Price ⇒ New Selling Price = $x+0.20x = 1.20x$ $=1.20\times30,000=36,000$ Hence, the correct answer is Rs. 36,000.
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