Multiple choice

At 'Vintage Treasures,' an exquisite porcelain vase caught the attention of collectors. Initially priced at Rs. 1,920, the shop incurred a 4% loss on the cost price. Realising the vase's true value as an antique piece, the shop decided to adjust the selling price to achieve a 15% gain. What should be the new selling price of the porcelain vase?

  1. Rs. 2,210

  2. Rs. 2,300

  3. Rs. 2,520

  4. Rs. 2,730
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The initial price of Rs. 1,920 represents a 4% loss, meaning it is 96% of the cost price. Thus, cost price = 1920 / 0.96 = 2000. To achieve a 15% gain, the new selling price must be 115% of 2000, which is 2300.

AI explanation

First, find the cost price using the formula Cost Price equals Selling Price multiplied by 100 divided by the quantity 100 minus the loss percentage, giving 1920 times 100 divided by 96, which calculates to Rs. 2000. To find the new selling price for a 15% gain, use the formula Selling Price equals Cost Price multiplied by the quantity 100 plus the profit percentage divided by 100, resulting in 2000 times 115 divided by 100. This gives a new selling price of Rs. 2300.

Keep practicing — related questions