Question : A shopkeeper marks his goods in such a way that after allowing a discount of 22%, he gains 20%. If the cost price of the article is Rs. 650, its marked price is:
Option 1: Rs. 900
Option 2: Rs. 1,000
Option 3: Rs. 850
Option 4: Rs. 950
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Correct Answer: Rs. 1,000
Solution :
Given: The cost price is Rs. 650.
$SP = \frac{100-\text{Discount%}}{100}×MP = \frac{100+ \text{Profit%}}{100}×CP$, where $MP$ = marked price, $CP$ = cost price, and $SP$ = selling price.
⇒ $\frac{MP}{CP} = \frac{100 + 20}{100 -22}$
⇒ $\frac{MP}{CP} = \frac{120}{78}$
⇒ $\frac{MP}{650} = \frac{120}{78}$
⇒ $MP = \frac{120 × 650}{78}$
⇒ $MP =$ Rs. 1,000
Hence, the correct answer is Rs. 1,000.
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