A man incurs a loss of 12% while selling a bag for Rs 1056. At what price he should sell the bag if he wants to earn a profit of 5%.Rs1200Rs960Rs1160Rs1260
Question
A man incurs a loss of 12% while selling a bag for Rs 1056.
At what price should he sell the bag if he wants to earn a profit of 5%?
Options:
- Rs 1200
- Rs 960
- Rs 1160
- Rs 1260
Solution
To solve this problem, we first need to find the cost price of the bag.
Given that the man incurs a loss of 12% while selling the bag for Rs 1056, we can set up the following equation:
Cost Price (CP) - 12% of CP = Selling Price (SP)
Let's denote the cost price as CP. So, the equation becomes:
CP - 0.12CP = 1056
This simplifies to:
0.88CP = 1056
Solving for CP, we get:
CP = 1056 / 0.88 = Rs 1200
Now, if the man wants to earn a profit of 5%, he should sell the bag for:
Selling Price = Cost Price + Profit
= CP + 5% of CP
= Rs 1200 + 0.05 * Rs 1200
= Rs 1200 + Rs 60
= Rs 1260
So, the man should sell the bag for Rs 1260 if he wants to earn a profit of 5%. Therefore, the correct answer is Rs1260.
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