Question
Download Solution PDFA horse was sold for Rs. 60,000 at a profit of 20%. For what price should he have sold to gain a 30% profit?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
By selling a horse for Rs. 60,000 a man gains 20%.
Formula used:
SP = CP(100+Profit%)/100
Calculations:
Let the CP = 100x.
By selling the horse at 20% profit, so SP will be:
SP = 100x(100+20)/100 = 120x
According to the question:
⇒ 120x = 60000
⇒ x = 500
⇒ CP = 100x = 50000
Now to gain 30%
⇒ SP = 50000(100+30)/100 = 65000
∴ The answer is Rs. 65,000.
Shortcut Trick
We know 20% = 1/5, so CP = 5 unit & SP = 6 unit
So, CP of the horse = 60000 × 5/6 = 50000
To gain 30% profit the required SP = 50000 × 130/100 = Rs.65,000
Last updated on Jul 7, 2025
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