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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 profits is $ 85 and both claim to have made 20% profit. What is the selling price of each?
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- $ 1700
- $ 2100
- $ 2550
- $ 2750
Correct Option: C
For the first trader,
Let the CP of the article be 100
∴ SP = $ 120
For the second trader,
SP of the article = $ 120
Gain = 20%
Let the CP be y .
| ∴ | × 100 = 20 | 120 |
| ⇒ 120 – y = 20 × | = 24 | 5 |
⇒ y = 120 – 24 = $ 96
∴ Gain = $ 24
Difference of Gain = 24 – 20 = $ 4
∵ If the difference of gains be $ 4, then SP = $ 120
∴ When the difference be $ 85
| SP = | × 85 = $ 2550 | 4 |
