Question : A dealer purchased a washing machine for Rs. 6400 . After allowing a discount of 20% on its marked price, he still gains 30%. Find the marked price of the washing machine.
Option 1: Rs. 12,000
Option 2: Rs. 10,400
Option 3: Rs. 11,000
Option 4: Rs. 13,000
Correct Answer: Rs. 10,400
Solution :
The following formula can be used:
Cost Price + Profit = Selling Price
The Cost Price = Rs 6400, Profit/ Gain = 30% (Profit based upon cost)
⇒ 6400 + 30% of 6400 = Selling Price
⇒ 6400 + 1920 = Selling Price
⇒ Selling Price = Rs. 8320
Also, Marked Price (MP) – Discount = Selling Price
⇒ MP – 20% of MP = 8320
⇒ $\frac{\text{100MP – 20MP}}{100}$ = 8320
⇒ 80MP = 832000
⇒ MP = $\frac{832000}{80}$
⇒ MP = Rs. 10,400
Hence, the correct answer is Rs. 10,400.
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