A man loses 20% of his money. After spending 25% of the remainder

A man loses 20% of his money. After spending 25% of the remainder, he has ₹ 480 left. What is the amount of money he originally had?

Let the original amount of money be ₹ x.

So, After losing 20% of his money, he has (1 - 0.2) x = 0.8 x

Now, he spends 25% of this money, so we have,

0.8x × (1 - 0.25) = 480

⇨ x = 480 / 0.6 = 800

The correct option is C.