Quantitative Aptitude Profit and Loss Successive Selling

A trader buys 500 kg cotton for Rs. 8,000. If 10% of this cotton is spoiled due to rain, at what rate (Rs./kg) should he sell the rest to earn a 20% profit?

1
\(21 \frac{1}{3}\)
2
\(23 \frac{1}{3}\)
3
\(22 \frac{1}{3}\)
4
\(25 \frac{1}{3}\)

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