Question

A shop owner bought an item for Rs.24550. He sold the item for 20% loss. The selling price was

• A. Rs.20640
• B. Rs.18640
• C. Rs.19640
• D. Rs.19540

Hint:

To calculate a 20% loss quickly, simply multiply the Cost Price by 0.8 (which represents 100% - 20%). \[ 24550 \times 0.8 = 19640 \]

Answer 1

The Correct Option is C

Concept: The Selling Price (S.P.) of an object when sold at a loss is calculated by subtracting the total loss value from the Cost Price (C.P.). The relationship between these variables is defined by the formula: \[ \text{Selling Price} = \text{Cost Price} - \left( \frac{\text{Loss Percentage}}{100} \times \text{Cost Price} \right) \]

Step 1: Identify the given values.
From the question, we have the following data: Cost Price ($C.P.$) = Rs. 24550
Loss Percentage = 20%

Step 2: Calculate the absolute loss amount.
First, we find 20% of the initial cost price: \[ \text{Loss Amount} = \frac{20}{100} \times 24550 \] \[ \text{Loss Amount} = 0.2 \times 24550 \] \[ \text{Loss Amount} = 4910 \]

Step 3: Calculate the final Selling Price.
Subtracting the loss amount from the original cost price: \[ S.P. = 24550 - 4910 \] \[ S.P. = 19640 \] Thus, the items was sold for Rs. 19640. Final Answer: Option C