When item sold at Rs. 1400 then there is profit percent is 40%. Find the profit amount when item sold at Rs. 1345?

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RRB Clerk Prelims Memory Based Paper (Held On: 17 August 2024 Shift 4)
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  1. 365
  2. 356
  3. 345
  4. 354
  5. 352

Answer (Detailed Solution Below)

Option 3 : 345
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Detailed Solution

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Given:

When the item is sold at Rs. 1400, profit percent is 40%.

Let the cost price be C.

Formula used:

Profit = Selling Price - Cost Price

Profit percent = (Profit / Cost Price) × 100

Calculations:

Profit percent = 40%, so:

(1400 - C) / C = 40 / 100

⇒ (1400 - C) = 0.4C

⇒ 1400 = 1.4C

⇒ C = 1400 / 1.4 = Rs. 1000

Now, when the item is sold at Rs. 1345, profit = 1345 - 1000 = Rs. 345

∴ The profit amount when the item is sold at Rs. 1345 is Rs. 345.

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