23 Views

Question : A dealer marks an article 60% above the cost price and sells it to a customer allowing two successive discounts of 10% and 20% on the marked price. If he gains INR 1,064 in the transaction, the cost price (in INR) of the article is:

Option 1: 8400

Option 2: 7000

Option 3: 6300

Option 4: 7200


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: 7000


Solution : Let the cost price of an article be 100y
The marked price of the article = 160% of 100y = 160y
After two successive discounts of 10% and 20%
Selling price = 0.9 × 0.8 × 160y = 115.2y
Then the profit of the article = 115.2y – 100y = 15.2y
But, the actual profit is INR 1,064.
⇒ 15.2y = 1064
⇒ y = INR 70
The cost price of the article = 100 × 70 = INR 7000
Hence, the correct answer is 7000.

Know More About

Related Questions

UPES Integrated LLB Admission...
Apply
Ranked #28 amongst Institutions in India by NIRF | Ranked #1 in India for Academic Reputation by QS University Rankings | 16.6 LPA Highest CTC
Jindal Global Law School Admi...
Apply
Ranked #1 Law School in India & South Asia by QS- World University Rankings | Merit cum means scholarships | Application Deadline: 30th Nov'24
Nirma University Law Admissio...
Apply
Grade 'A+' accredited by NAAC
Great Lakes PGPM & PGDM 2025
Apply
Admissions Open | Globally Recognized by AACSB (US) & AMBA (UK) | 17.3 LPA Avg. CTC for PGPM 2024 | Application Deadline: 1st Dec 2024
ICFAI Business School-IBSAT 2024
Apply
9 IBS Campuses | Scholarships Worth Rs 10 CR
UPES B.Tech Admissions 2025
Apply
Ranked #42 among Engineering colleges in India by NIRF | Highest CTC 50 LPA , 100% Placements
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books