The profit earned on selling an article for Rs. 1100 is 29 times of the loss incurred on selling the same article for Rs. 800. What will be the selling price of the article to earn a profit of 10 percent?
Show answer & explanation
Correct answer: B
Explanation
Given:
Selling Price₁ = 1100
Selling Price₂ = 800
Profit = 29 × Loss
According to the formula:
Profit = SP − CP
Loss = CP − SP
1100 − CP = 29(CP − 800)
1100 − CP = 29CP − 23200
1100 + 23200 = 30CP
24300 = 30CP
CP = 810
For a 10% profit:
SP = CP × (110/100)
= 810 × 1.1
= 891 Rupees