A person wanted to sell an article at 20% profit; But actually he sold it at Rs 480 at a 20% loss. At what price (in rupees) did he want to sell it to make profit?

Solution:

Given that the article was sold at a 20% loss for Rs 480, we need to find the cost price (C.P.) and the desired selling price (S.P.) for a 20% profit.

Step 1: Calculate the Cost Price (C.P.)

Since the article was sold at a 20% loss, use the formula:

Loss = (Loss Percentage × C.P.) / 100

480 = C.P. × (80 / 100)

C.P. = (480 × 100) / 80 = Rs 600

Step 2: Calculate the Desired Selling Price (S.P.) for 20% Profit

Profit = (Profit Percentage × C.P.) / 100

Desired S.P. = C.P. + Profit = 600 + (20 × 600) / 100 = 600 + 120 = Rs 720

Shortcut Method:

Use the formulas directly:

C.P. = (480 × 100) / 80 = Rs 600

Desired S.P. = (600 × 120) / 100 = Rs 720

Answer: The person wanted to sell the article at Rs 720 to make a 20% profit.