Question : A person bought an article at a 30% discount on its marked price. The person then sold it at 30% profit for INR 427.70. What was the marked price of the article?
Option 1: INR 470
Option 2: INR 450
Option 3: INR 500
Option 4: INR 480
Correct Answer: INR 470
Solution :
Let the marked price of the article be $x$
Cost price of the article at 30% discount = $x × \frac{70}{100}$
Selling price at 30% profit = $\frac{130}{100}\times$ cost price
According to the question,
$x × \frac{70}{100} × \frac{130}{100} = 427.70$
⇒ $x = 42.70 × \frac{100}{130} × \frac{100}{70}$
⇒ $x = 470$
Hence, the correct answer is INR 470.
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