Mr. X sold an article at 10% loss .Had he bought it for 20% less and sold it…
2025
Mr. X sold an article at 10% loss .Had he bought it for 20% less and sold it for $77 more he would have gained 30% . Find its cost price ?
- A.
$500
- B.
$650
- C.
$550
- D.
$600
Attempted by 7 students.
Show answer & explanation
Correct answer: C
Key steps:
Let the original cost price be x.
Original selling price at 10% loss = 0.9x.
If bought for 20% less, new cost = 0.8x. Selling at $77 more gives new selling price = 0.9x + 77.
This new selling price equals a 30% gain on the reduced cost, i.e. 1.3 × 0.8x = 1.04x.
Set up the equation: 0.9x + 77 = 1.04x
Solve: 77 = 1.04x - 0.9x = 0.14x ⇒ x = 77 / 0.14 = 550.
Answer: The cost price is $550.