A shopkeeper sells a shirt for ₹1200 and incurs a loss of 40%. At what price should he sell the shirt to gain 10?
Show answer & explanation
Correct answer: C
Explanation
Given:
Selling Price₁ = ₹1200
Loss = 40%
According to the formula:
Selling Price = Cost Price × (100 − Loss%) / 100
1200 = CP × 60/100
CP = 1200 × 100 / 60 = 2000
New Selling Price = CP × (100 + Profit%) / 100
= 2000 × 110/100
= ₹2200