Correct Answer - Option 2 : 82.96 lacs
Given:
Harsh purchased a home from Abhishek for Rs. 80 lakhs.
Had Abhishek bought the home for Rs. 3 lakhs more, his profit % would have been 25%.
Abhishek should have sold the home to incur a profit of 36%.
Formula Used:
Profit or Gain = Selling price – Cost Price
Loss = Cost Price – Selling Price
Profit percentage = (Profit/Cost Price) x 100
Loss percentage = (Loss/Cost price) x 100
Calculation:
Selling price for Abhishek is Rs. 80 lacs and profit is 25%
Cost price = Rs. (80 × 100/125)lacs = 64 lacs
This is not the actual cost price; this is the increased cost price when he earns 25% profit
Actual cost price = Rs. (64- 3) lacs = 61 lacs
Required selling price = 61 × 1.36 = 82.96 lacs
∴ The selling price should be Rs. 82.96 lacs.
