CAT 2023 Slot 2 Solved Paper

The cost price of the sunglass for Meenu when he purchased it for the first time was 1000 rupees, and he sold it to Kanu at $20\%$ profit. Hence, the selling price of the sunglass is 1200 rupees, which Kanu purchased. Hence, the profit made by Meenu is $\left(1200-1000\right)=200$ rupees.
Hence, the cost price of the same sunglass for Kanu is 1200 rupees, and now he sold it to Meenu at a $20\%$ loss. Hence, the selling price of the sunglass now is $\left({1200}^{\star }0.8\right)=960$ rupees.
The cost price of the same sunglass for Meenu when he purchased it for the second time was 960 rupees. Now Meenu sold it Tanu, at a certain price such that the total profit of Meenu becomes 500 rupees.
Hence, on the second transaction (selling it to Tanu), Meenu made a profit of $\left(500-200\right)=300$ rupees.
Hence, the profit made by Minu in the second transaction is (300/960)* $*00\%=31.25\%$
The correct option is C