A person sells article X for ₹34,500 and makes a profit of 15%. He sells article Y at a loss of 10%. He neither loses nor gains on the whole because of these two transactions. What is the selling price of article Y?
- AOption (a)
₹40,000
- BOption (b)
₹40,500
- COption (c)
₹41,000
- DOption (d)
₹51,500
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Correct answer
₹40,500
Why this answer is correct
Given:
Profit on article X = 15%
Selling price of article X = ₹34,500
Loss on article Y = 10%
No overall gain or loss (Net profit = ₹0)
Formula used:
Cost price (CP) =
Cost price (CP) =
Calculations:
For article X:
CP of article X =
⇒ CP of article X =
⇒ CP of article X = ₹30,000
For article Y:
Total cost price of X and Y = Total selling price of X and Y
⇒ CP of X + CP of Y = SP of X + SP of Y
⇒ ₹30,000 + CP of Y = ₹34,500 + SP of Y
⇒ CP of Y = SP of Y - ₹4,500
CP of article Y =
⇒ SP of Y - ₹4,500 =
⇒ 0.9(SP of Y - ₹4,500) = SP of Y
⇒ 0.9SP of Y - ₹4,050 = SP of Y
⇒ SP of Y - 0.9SP of Y = ₹4,050
⇒ 0.1SP of Y = ₹4,050
⇒ SP of Y = ₹4,050 × 10
⇒ SP of Y = ₹40,500
∴ The correct answer is option (2).