Question : A man offers a 40% discount on an item which has been marked 50% above the cost price. If the selling price of the item is INR 1,305, then the cost price is:
Option 1: INR 1,360
Option 2: INR 1,450
Option 3: INR 1,680
Option 4: INR 1,560
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Correct Answer: INR 1,450
Solution :
Selling price = INR 1,305
Selling price = Marked price – Discount
⇒ Selling price = Marked Price – $\frac{40}{100}$ × Marked price
⇒ Marked price = $\frac{100}{(100-40)}\times 1305$ = INR 2175
Marked price = 1.5 × Cost price
⇒ Cost price = $\frac{1}{1.5}\times 2175$
⇒ Cost price = INR 1450
Hence, the correct answer is INR 1450.
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