Question
A shopkeeper sold an item at a 20% profit. If he had
purchased it for Rs. 400 less and sold it for Rs. 240 more, his profit margin would have increased to 40%. Determine the selling price of the item when it is sold at a 28% profit based on its original cost price.Solution
Let the cost price of article be Rs. 100a
Selling price of article = 1.2 X 100a = Rs. 120a
So, 120a + 240 = 1.4 X (100a - 400)
Or, 120a + 240 = 140a - 560
Or, 20a = 800
Or, a = 40
Therefore, required selling price = 1.28 X 100a = 128a = 128 X 40 = Rs. 5,120
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