By selling an article for ₹20,240, a shopkeeper loses 8%. For what price (in ₹) should he sell it to make a profit of 12%?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 24,640.
Let the cost price (CP) be x.
Given: Loss of 8% on selling at ₹20,240
So, 92% of CP = 20,240
⇒ x = 20,240 ÷ 0.92 = ₹22,000
To gain 12%, selling price = 112% of CP
= 22,000 × 1.12 = ₹24,640