Question : If 60 chairs are bought for Rs. 24,560, then how many chairs must be sold for Rs. 24,560 to earn a profit of 20 percent?
Option 1: 50
Option 2: 30
Option 3: 60
Option 4: 40
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Correct Answer: 50
Solution :
Cost price of 60 chairs = Rs. 24,560
Cost price of a chair = Rs. $\frac{24560}{60}$
Selling price of a chair after 20% profit = $\frac{24560}{60}\times \frac{120}{100} = \frac{24560}{50}$
Number of chairs sold in Rs. 24,560 =$\frac{24560}{\frac{24560}{50}}=50$
Hence, the correct answer is 50.
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