A person bought a car and sold it for ₹ 3,00,000. If he incurred a loss of 20%, then how much did he spend…
A person bought a car and sold it for ₹ 3,00,000. If he incurred a loss of 20%, then how much did he spend to buy the car?
₹ 3,60,000
₹ 3,65,000
₹ 3,70,000
₹ 3,75,000
Solution
Selling price is 80% of cost price (since loss is 20%). So $0.80 \times CP = 3{,}00{,}000$, giving $CP = 3{,}00{,}000 / 0.80 = 3{,}75{,}000$. The person spent ₹ 3,75,000 to buy the car.