The profit earned after selling a mobile phone for Rs. 7090 is the same as loss incurred after selling the same mobile phone for Rs. 6570. What should be the selling price of that mobile phone to get a profit of 10%?
1). Rs. 6785
2). Rs. 6800
3). Rs. 7513
4). Rs. 6830
According to the given information,
Let’s assume the cost price of mobile phone is Rs. x
Selling Price when profit earned = Cost Price + Profit = Rs. 7090
Selling Price when loss incurred = Cost Price – Loss = Rs. 6570
We know that,
Profit earned and loss incurred are numerically equal.
Adding both the selling prices, we get,
Cost Price + Cost Price = 7090 + 6570
Cost Price = 13660/2
Cost Price of mobile phone = Rs. 6830
To gain 10%, selling price = 6830 + (10% of 6830) = 1.1 × 6830 = Rs. 7513