Question : A dealer buys an article listed at INR 3,000 and gets successive discounts of 15% and 15%. He spends INR 250 on transportation and sells it at a profit of 20%. Find the selling price of the article.
Option 1: INR 3,300
Option 2: INR 2,901
Option 3: INR 3,250
Option 4: INR 3,200
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Correct Answer: INR 2,901
Solution :
Given, Marked price = INR 3000
Discounts = 15% and 15%
The cost of transportation = INR 250
Required profit = 20%
SP = $\frac{100 - \text{Discount %}}{100}$ × MP
Where SP is the selling price and MP is the marked price
So, the SP = $3000 × \frac{100 - 15}{100} × \frac{100 - 15}{100}$
= $3000 × \frac{85}{100} × \frac{85}{100}$
= $\frac{3 × 85 × 85}{10}$
= INR 2167.50
Now, the total cost (CP) = 2167.50 + 250 = INR 2417.5
Also, SP = CP × $\frac{100 + \text{Profit %}}{100}$
= 2417.5 × $\frac{100 + 20}{100}$
= 2417.5 × $\frac{120}{100}$
= INR 2901
Hence, the correct answer is INR 2,901.
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