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CAT 2024 Slot 2 · Quant · Profit, Loss and Discount · easy

A shopkeeper sells an item at a 20% loss. Had he sold it for ₹150 more, he would have made a 10% profit instead. What was the cost price of the item?

Single correct option

A shopkeeper sells an item at a 20% loss. Had he sold it for ₹150 more, he would have made a 10% profit instead. What was the cost price of the item?
  1. A. ₹400
  2. B. ₹450
  3. C. ₹500
  4. D. ₹550
Show answer and solution

Answer: (C) ₹500

Let CP = x. Loss case: SP1 = 0.8x. Profit case: SP2 = 1.1x = SP1 + 150 = 0.8x + 150. So 1.1x − 0.8x = 150 ⟹ 0.3x = 150 ⟹ x = 500. Check: 0.8×500=400, 1.1×500=550, difference = 150. ✓
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Original question written in the CAT 2024 Slot 2 pattern and checked twice for the correct answer. Not an official question paper. How we write and check questions · Corrections policy · Report a mistake