Swati sold a bag to Ankita at a gain of 15%. Aashi bought this bag from Ankita for Rs.24,840. Ankita earned a profit of 20%. At what price would Swati have bought the bag?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Rs.18,000
Let us assume the price at which Swati sold the bag to Ankita as 'y'.
Thus, we know that Ankita sold this bag to Aashi at 20% profit.
⇒ y + 0.2y = 24,840
⇒ 1.2y = 24,840
⇒ y = Rs. 20,700
Thus Swati sold this bag to Ankita for Rs. 20,700
Let us assume that the cost of the bag for Swati is 'x'.
Thus,
⇒ x + 0.15x = 20,700
⇒ 1.15x = 20,700
⇒ x = Rs. 18,000