Question

A shopkeeper sold an item for ₹ 528 and suffered a loss of 4%. In order to get 10% profit, for how much should he have sold the item?

• A. ₹ 605
• B. ₹ 584
• C. ₹ 550
• D. ₹ 542

Hint:

To calculate the selling price for a given profit or loss percentage, use the formula: \[ \text{Selling Price} = \text{Cost Price} \times (1 + \text{Profit Percentage}). \]

Answer 1

The Correct Option is A

Let the cost price of the item be \( C \). A loss of 4% means the selling price is 96% of the cost price: \[ \text{Selling Price} = 96% \times C = 0.96C. \] We are told the selling price is ₹ 528, so: \[ 0.96C = 528 \quad \Rightarrow \quad C = \frac{528}{0.96} = 550. \] To get a 10% profit, the new selling price should be: \[ \text{New Selling Price} = 110% \times C = 1.10 \times 550 = 605. \] Thus, the item should have been sold for ₹ 605 to get a 10% profit, corresponding to option (1).