On selling an article for ₹246.80, the gain is 20% more than the amount of loss incurred on selling it for ₹216. If the article is sold for ₹320.75, then what is the percentage (correct to one decimal place) profit/loss?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Profit of 39.4%.
Let CP = x
Loss = x – 216
Gain = 246.80 – x
Gain = 1.2 × Loss
⇒ 246.80 – x = 1.2(x – 216)
⇒ 246.80 – x = 1.2x – 259.20
⇒ 246.80 + 259.20 = 1.2x + x
⇒ 506 = 2.2x
⇒ x = 230
Profit = 320.75 – 230 = 90.75
% Profit = × 100 = 39.4%