Question : A trader allowed a discount of 30% on a trolley bag having a list price of INR 1800 and earns a profit of 20%. What is the cost price of the trolley bag?
Option 1: INR 1050
Option 2: INR 1230
Option 3: INR 1440
Option 4: INR 1160
Correct Answer: INR 1050
Solution :
List price = INR 1800
Discount = 30% of list price = 0.3 × 1800 = 540
Selling price = List price – Discount = 1800 – 540 = INR 1260
Profit = 20% of cost price
Cost price = selling price – profit
Cost price = 1260 – 20% of cost price
120% of cost price = 1260
Cost price = $\frac{1260}{1.2}$ = INR 1050
Hence, the correct answer is INR 1050.
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