A man bought a piece of land for ₹48,000. He sold two-fifth of it at a loss of 10%. At what gain percentage (rounded off to 1 decimal place) should he sell the remaining land to earn an overall profit of 42%?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 76.7%
Given:
Price of the land = Rs 48000
Calculations:
Cost price of two fifth of the land = (48000/5) × 2 = 19200
Selling price of two fifth of the land after 10% loss = 19200 × 0.9 = 17280
Selling price of the total land after a profit of 42% = 68160
Selling price of three fifth of the land = 68160 - 17280 = 50880
Cost price of three fifth of the land = 9600 × 3 = 28800
Profit = SP - CP = 50880 - 28800 = 22080
Hence, required profit percentage = (22080/28800) × 100 = 76.7%