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
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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