Akhil bought two articles at ₹4,500 each. He sold one article at a 12% gain but had to sell the second article at a loss. If he had suffered a loss of ₹395 on the whole transaction, then what was the selling price of the second article?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e ₹3,565.
Akhil bought two articles, each for ₹4500
Total Cost Price (CP) = ₹4500 × 2 = ₹9000
He sold the first article at 12% gain
Selling Price (SP1) = 4500 + 12% of 4500 = 4500 + 540 = ₹5040
Total loss on the whole transaction = ₹395
Total Selling Price = CP - Loss = 9000 - 395 = ₹8605
Let the selling price of the second article be x
So,
⇒ 5040 (SP1) + x = 8605
⇒ x = 8605 - 5040 = ₹3565