Joseph bought two woollen jackets for Rs. 2,100 and Rs. 3,150, respectively. By selling the first at a gain of k% and the second at a loss of k%, he found that the selling price of both is the same. What is the value of k?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 20.
SP = CP (1 + profit%/100)
SP = CP (1 - loss%/100)
According to question,
2100 (1 + y/100) = 3150 (1 - y/100)
⇒ (1 + y/100)/(1 - y/100) = 3/2
⇒ y = 20%
The value of y is 20.