Question 60

The profit earned when a painting is sold for ₹1,200 is 15 times the loss incurred when it is sold for ₹240. At what price should the painting be sold to make a profit of 40%?

Solution

Let's assume the cost price of the painting is 'y'.

The profit earned when a painting is sold for ₹1,200 is 15 times the loss incurred when it is sold for ₹240.

1200-y = 15(y-240)

1200-y = 15y-3600

15y+y = 3600+1200

16y = 4800

y = 300

To obtain a profit of 40%, selling price = 300 of (100+40)%

= 300 of 140%

= $$300\times\frac{140}{100}$$

= 420

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