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Question

An iron box is sold at a gain of 16%. If it were sold for Rs. 20 more, there would have been a gain of 20%. Find the cost price of iron box.

A
Rs. 420
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B
Rs. 580
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C
Rs. 480
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D
Rs. 500
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Solution

The correct option is A Rs. 500
Let SP be 'x'
SP1100+x1=SP2100+x2
x100+16=x+20100+20
x116=x+20120
x = Rs. 580
we have
CP = 100×SP100+x
=100×580100+16

= Rs. 500

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