Question 67

Amit sold an article for ₹ 7,000 and incurred a loss. Had he sold it for ₹ 8,750, his gain would have been three-fourth of the amount of loss that he incurred. At what price should he sell the article to get 10% profit?

Solution

Let the cost price = C

Loss for selling price ₹ 7,000 = C - 7000

Profit for selling price ₹ 8,750 = 8750 - C

According to the problem,

$$8750-\text{C}=\frac{3}{4}\left(\text{C}-7000\right)$$

$$\Rightarrow$$  $$8750-\text{C}=\frac{3}{4}\text{C}-5250$$

$$\Rightarrow$$  $$\frac{7}{4}\text{C}=14000$$

$$\Rightarrow$$  C = 8000

$$\therefore\ $$Selling price = $$\frac{110}{100}\times8000$$ = ₹ 8,800

Hence, the correct answer is Option A


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