Question : To earn a 12% profit, a shopkeeper sells a television for Rs. 22,400. What should be the selling price (in Rs.) of the television if he wants to double that profit?
Option 1: 24,000
Option 2: 24,800
Option 3: 24,600
Option 4: 25,000
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Correct Answer: 24,800
Solution :
CP = $\frac{100}{100+ \text{P}\%}\times \text{SP}$, where CP = Cost price, SP = Selling price, P = Profit
⇒ CP = $\frac{100}{100+ 12}\times 22400$
$\therefore$ CP = Rs. 20000
Now, profit is 24%.
So, SP = $\frac{(100 + \text{P})}{100}\times \text{CP}$
⇒ SP = $\frac{100+24}{100}×20000$
$\therefore$ SP = Rs. 24800
Hence, the correct answer is 24,800.
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