A man bought two bicycles for ₹3,000 each. If he sells one bicycle at a profit of 10%, then for how much percentage of profit should he sell the other bicycle so that he makes a profit of 20% on the whole?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 30 Percent
The question says:-
A man bought two bicycles for ₹3,000 each. If he sells one bicycle at a profit of 10%.
Thus S.P (Sellin Price) of the first cycle would be
⇒ C.P (Cost Price) + 10%(C.P) = ₹3,300
For selling the whole at 20 % profit we should sell both the bicycle together at:-
⇒ C.P + 20%(C.P) = (3000 + 3000) + (3000 + 3000)(20%) = (6000) + (20%)(6000) = ₹7,200
⇒Thus S.P of the second bicycle is = ₹7,200 - ₹3,300 = ₹3,900
Thus the profit on the second bicycle would be
⇒ [(S.P - C.P)/CP]*100
⇒ [{3900-3000}/3000]*100
⇒ 30%