A person bought an item and sold it at a loss of 5%. If he had bought it for 10% less and sold it for Rs. 170 more, he would have had a profit of 20%, Find the cost price of this item. (nearest to an integer)
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Rs. 1308
Let the cost price be 100x.
⇒ He sold at 5% loss = 95x
⇒ He bought at 10% loss then it becomes 90x
New selling price = 90x × 1.2 = 108x
⇒ Difference = 108x - 95x = 170
⇒ 13x = 170
⇒ 100x = 170/13 × 100
⇒ 1307.7 ≈ Rs.1308