Question : Pankaj purchases a watch for Rs. 1000. He sells the watch at a discount of 20% and earns a profit of 40%. What is the marked price of the watch?
Option 1: Rs. 1640
Option 2: Rs. 1880
Option 3: Rs. 1980
Option 4: Rs. 1750
Correct Answer: Rs. 1750
Solution :
If a 20% discount is given
⇒ Selling Price (SP) = 80% of the Marked Price (MP) = 0.8 × MP
Given that profit = 40%
So,
Selling price = Cost price × (1+ $\frac{profit \%}{100}$) = 1000 × (1+ 0.40)
⇒ 0.8 × MP = 1000 × (1+ 0.40)
⇒ MP = 1000 × $\frac{(1+0.40)}{0.8}$
⇒ MP = 1000 × $\frac{1.40}{0.8}$ = $\frac{1400}{0.8}$ = Rs. 1750
Hence, the correct answer is Rs.1750.
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