A person sold a carpet for ₹360 and incurred a loss of 10%. At what price should it have been sold to make a gain of 20%?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹480
Let cost price of the carpet be Rs. x
According to question,
90% of x = 360
x = x 100 = 400
In order to gain 20% we need to sell it on 120% of cost price
⇒120% of 400 = x 400
⇒ ₹480