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Suraj sold an item for ₹1600 and incurred a loss of 20%. At what price should he have sold the item to gain a profit of 30%?

1. ₹2000
2. ₹1800
3. ₹2600
4. ₹2500

Correct answer: ₹2600

Solution

A 20% loss means the selling price is 80% of the cost price. So the cost price is ₹1600 ÷ 0.8 = ₹2000. For a 30% profit, the required selling price is 130% of ₹2000 = ₹2600.

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