Rakesh sold a car for Rs. 500000 at a 28% profit. At what price should he sell it to get a 32% profit?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Rs. 515625.
SP% = (CP + Profit)%
Profit is calculated on the cost price of the car and the cost price is 100% of itself
SP % = (CP + Profit)%
⇒ 128% = 100% + 28%
If 128% of the CP = Rs.500000
⇒ 100% of the CP = 500000/128 × 100
⇒ 100% of the CP = 390625
⇒ 132% of the CP = 390625 × 132/100
⇒ Rs.515625