By selling a watch for Rs. 2,000, a shopkeeper loses 20%. How much would he gain or lose by selling it for Rs. 3,000?

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SSC CGL 2023 Tier-I Official Paper (Held On: 18 Jul 2023 Shift 3)
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  1. 20% gain
  2. 25% gain
  3. 15% loss
  4. 25% loss

Answer (Detailed Solution Below)

Option 1 : 20% gain
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Detailed Solution

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Given:

By selling a watch for Rs. 2,000, a shopkeeper loses 20%

Concept used:

Profit is calculated on cost price.

Calculation:

The cost price is 2000 × 100/80 = Rs 2500

By selling it for 3000

Profit is 3000 - 2500 = Rs 500

Profit percentage is (500/2500) × 100 = 20%

∴ The correct option is 1

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