A man sells an article at a 15% loss. If he had sold it for ₹450 more, he would've made a 20% profit. What is the cost price of the article?
Show answer & explanation
Correct answer: A
Explanation
Given:
Loss = 15%
If sold for ₹450 more → Profit = 20%
According to the formula:
Selling Price (Loss) = CP × (85/100)
Selling Price (Profit) = CP × (120/100)
Difference between the two selling prices = 450
CP × (120/100 − 85/100) = 450
CP × (35/100) = 450
CP = (450 × 100) / 35
= 45000 / 35
= 1285.71 (Approx.)