Mukesh sold a car for ₹1,20,000 at 40% loss. For what price (in ₹) should he sell the car to gain 55% profit?

Correct option is C

Given:
Selling price of the car = ₹1,20,000
Loss = 40%
Formula Used:
​$$\text{Selling Price} = \text{Cost Price} - \text{Loss}\\\text{C.P.} = \frac{\text{Selling Price}}{1 - \frac{\text{Loss Percentage}}{100}}\\\text{Selling Price for Profit} = \text{C.P.} \times \left( 1 + \frac{\text{Profit Percentage}}{100} \right)\\$$​​
Solution:
Cost Price (C.P.) at loss percentage of 40% = $$\frac{1,20,000}{1 - \frac{40}{100}} = \frac{1,20,000}{0.60} = 2,00,000$$​​

Selling Price for 55% Profit = $$2,00,000 \times \left(1 + \frac{55}{100}\right) = 2,00,000 \times 1.55 = 3,10,000$$​​
Mukesh should sell the car for ₹3,10,000 to gain a 55% profit.