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A merchant earns a profit of 20% by selling a basket containing 80 apples whose cost is ₹ 240 but he gives one-fourth of it to his friend at cost price and sells the remaining apples. In order to earn the same profit, at what price must he sell each apple ?
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- ₹ 3.00
- ₹ 3.60
- ₹ 3.80
- ₹ 4.80
Correct Option: C
∵ CP of 80 apples = ₹ 240
∴ CP of 1 apples = ₹ 3
∴ CP of 20 apples = ₹ 60
To earn a profit of 20%
SP = 120% of 240 = ₹ 288
But he sales 1/4 of his apples i.e., 20 apples for ₹ 60
∴ SP of remaining 60 apples = 288 - 60 = ₹ 228
∴ SP of 1 apple = 228/60 = ₹ 3.80
