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Harsh purchased a home from Abhishek for Rs. 80 lakhs. Had Abhishek bought the home for Rs. 3 lakhs more, his profit% would have been 25%. At what price should Abhishek have sold the home to incur a profit of 36%?1. 80.98 lacs2. 82.96 lacs3. 84.56 lacs4. 85.52 lacs |
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Answer» Correct Answer - Option 2 : 82.96 lacs Given: Harsh purchased a home from Abhishek for Rs. 80 lakhs. Had Abhishek bought the home for Rs. 3 lakhs more, his profit % would have been 25%. Abhishek should have sold the home to incur a profit of 36%. Formula Used: Profit or Gain = Selling price – Cost Price Loss = Cost Price – Selling Price Profit percentage = (Profit/Cost Price) x 100 Loss percentage = (Loss/Cost price) x 100 Calculation: Selling price for Abhishek is Rs. 80 lacs and profit is 25% Cost price = Rs. (80 × 100/125)lacs = 64 lacs This is not the actual cost price; this is the increased cost price when he earns 25% profit Actual cost price = Rs. (64- 3) lacs = 61 lacs Required selling price = 61 × 1.36 = 82.96 lacs ∴ The selling price should be Rs. 82.96 lacs. |
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