A shopkeeper incurs a loss of 20% after selling a machine for 4800. In order to gain a profit of 20%, at what price should the shopkeeper sell the same machine?
Given:
Loss % = 20
Selling price of machine = Rs. 4800
Solution:
Cost price = selling price + 0.80 cost price
=> 0.80 cost price = 4800
=> CP = 4800/0.80
=> 6000
To earn a 20% profit selling price = 1.2 cost price
=> SP = 1.2 × 6000
=> Rs. 7200
∴ SP of the machine is Rs. 7200
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