Calculating Plot Selling Price for Profit
The problem asks for the selling price required to achieve a 24% profit, given an initial sale resulted in a 24% loss.
Step 1: Calculate the Cost Price (CP)
The initial selling price (SP) was Rs. 26980, which represents a 24% loss. This means the SP was 100% - 24% = 76% of the Cost Price (CP).
We can write this as an equation:
$SP = CP \times (1 - Loss\%)$
Substituting the values:
$26980 = CP \times (1 - 0.24)$
$26980 = CP \times 0.76$
Now, solve for CP:
$CP = \frac{26980}{0.76}$
$CP = 35500$
So, the Cost Price of the plot is Rs. 35500.
Step 2: Calculate the New Selling Price (SP) for 24% Profit
To gain 24%, the new selling price must be 100% + 24% = 124% of the Cost Price.
Using the formula:
$New SP = CP \times (1 + Profit\%)$
Substitute the calculated CP and the desired profit percentage:
$New SP = 35500 \times (1 + 0.24)$
$New SP = 35500 \times 1.24$
$New SP = 44020$
Therefore, the plot must be sold for Rs. 44020 to gain 24%.
Important Questions from Profit & Loss (Notes)
- A shopkeeper bought an item for ₹7825 and marked it at 30% higher than the cost price. If he sells the item by allowing 20% discount, then his profit percentage will be :
- A bought an article at a certain price and sold it at 10% profit. B bought the same article at a price 10% lesser than A and sold it at ₹18 lesser than A. B's gain percentage in this deal is 20%. At what price B bought the article?
- A dealer buys two articles X and Y for ₹500 each. He marks each of them at the same price. He sells X by giving two successive discounts of 50% and 28% and still earns ₹958 as profit. If he sells Y at a single discount of 77%, then what is the profit percentage on Y?
- A shopkeeper earned a profit (in ₹) by selling an item, which is three times the discount offered (in ₹). If the discount offered is 6.25%, what is his profit percentage ?
- The Loss incurred by selling an article at Rs.$2042$ is $75\%$ of the gain attained by selling the same article at Rs.$2532$. Find the cost price of the article. (In Rs.)
