A person sold an article at a loss of 16%. Had he sold it for ₹660 more, he would have gained 8%. If the article is sold at ₹3,080, then how much profit percentage is gained?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e 12%.
Given:
The person sold the article at a loss of 16% If he sold it for Rs. 660 more he have gained 8%
Concept Used:
Selling price = Cost Price + Profit
Calculation:
Accordingly,
(16 + 8)% = Rs. 660
⇒ 100% = (660/24) × 100
⇒ 100% = 2750
The cost price of the article is Rs. 2750
To get a profit of 12% net profit will be (12/100) × 2750 = Rs330
The selling price should be (2750 + 330) = Rs.3080
Rs. 3080 should be the selling price to gain a profit of 12%