Amit earns a profit of 24% selling an article for Rs.167.40. By how much (in Rs.) should he increase the selling price of the article to get a profit of 38%.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 18.90.
CP = SP × 100/(100 + P)
⇒ CP = 167.40 × 100/124
⇒ CP = 135
Now, new SP = CP × (100 + New Profit)/100
⇒ SP = 135 × 138/100
⇒ SP = 186.3
Required answer = 186.3 - 167.4 = 18.90