Question : A trader allowed a discount of 20% on a trolley bag having a list price of Rs. 4,296 and earns a profit of 20%. What is the cost price of the trolley bag?
Option 1: Rs. 2,572
Option 2: Rs. 2,500
Option 3: Rs. 3,026
Option 4: Rs. 2,864
Correct Answer: Rs. 2,864
Solution :
Given: A trader allowed a discount of 20% on a trolley bag having a list price of Rs. 4,296 and earns a profit of 20%.
Selling price = 20% discount on 4296 = $4296\times (1–\frac{20}{100})=0.8\times 4296 =$ Rs. 3,436
Let the cost price of the trolley bag be Rs. $x$.
According to the question,
$x(1+\frac{20}{100})= 3436$
⇒ $x\times 1.2=3436$
⇒ $x=$ Rs. 2,864
Hence, the correct answer is Rs. 2,864.
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