A man sold an item for Rs. 1500 at a loss of 25%. What will be the selling price of same item if he sells it at a profit of 20 %
Answers
Given,
A man sells an item at a loss of 25% for amount = Rs. 1500
To find,
The selling price of the same item if the man sells it at a profit of 20 %.
Solution,
We can simply solve this mathematical problem by using the following mathematical process:
Let us assume that the fixed cost price (CP) of the item be Rs. x.
As per the question, when the man sells the item at the loss of 25%, the selling price (SP) is Rs. 1500
Now, as per the mathematical formula of profit and loss, we get;
CP - loss = SP
=> x - (25/100)x = 1500
=> x - x/4 = 1500
=> 3x/4 = 1500
= x = 2000
So, if the man sells the same item at a profit of 20 %, the new selling price can be calculated as follows;
New SP = CP + profit
= CP + (20/100)CP
= 2000 + (20/100)2000
= 2000 + 400
= Rs. 2400
Hence, the selling price of the same item at a profit of 20 % will be Rs. 2400.