A person sold an article at a loss of 4%. Had he sold it at a gain of 1%, he would have received Rs.42.5 more. To gain 18%, what must be his selling price?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs. 1003.
Calculations:
Let the Cost price of the article be 100x
Selling price after a loss of 4% = 96% of 100x = 96x
Selling price if he gains 1% = 101% of 100x = 101x
According to the question;
⇒ 101x - 96x = 42.5
⇒ 5x = 42.5
⇒ x = 8.5
The cost price of the article = 100x = 8.5 × 100 = 850
Selling price of the article to gain 18% = 118% of 850 = Rs 1003