IPMAT Rohtak 2019 (QA) - One Trader calculates the percentage of profit on the buying price and another calculates on the selling price. When their selling prices are the same, then the difference of their actual profit is Rs 85 and both claim to have made 20% profit. What is the selling price for each? | PYQs + Solutions

IPMAT Rohtak 2019

Arithmetic

Profit & Loss

Medium

One Trader calculates the percentage of profit on the buying price and another calculates on the selling price. When their selling prices are the same, then the difference of their actual profit is Rs 85 and both claim to have made 20% profit. What is the selling price for each?

Rs 3000

Rs 2550

Rs 2800

Rs 4000

Correct Option: 2

Let Selling Price (same for both) =

x

For First Trader (calculating on CP):

\newline

If CP =

p

20\% \text{ profit means: } x = p + \frac{20p}{100} = 1.2p

\therefore p = \frac{x}{1.2}

Actual profit =

x - \frac{x}{1.2} = \frac{0.2x}{1.2} = \frac{x}{6}

For Second Trader (calculating on SP):

20\% \text{ profit on SP means: Profit} = \frac{20x}{100} = 0.2x

\newline

If CP =

q

\newline

x - q = 0.2x

\newline

q = 0.8x

\newline

Actual profit =

x - 0.8x = 0.2x

Given that difference in profits =

85

\newline

0.2x - \frac{x}{6} = 85

\frac{6(0.2x) - x}{6} = 85

\frac{1.2x - x}{6} = 85

\frac{0.2x}{6} = 85

0.2x = 510

x = 2550

Therefore, the selling price is Rs

2550