Question : Ramesh marks his article at Rs. 6,000, and after allowing a discount of 20%, he still earns a 60% profit. What is the cost (in Rs.) of the article?
Option 1: 3,600
Option 2: 4,800
Option 3: 3,000
Option 4: 4,200
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Correct Answer: 3,000
Solution :
Let the cost price be denoted as CP, the mark price be MP and the selling price be SP.
Let CP be Rs. $x$.
Profit = 60%
SP = CP + Profit = $x$ + 60% of $x$
= $x + 0.6x$
= $1.6x$
MP = Rs. 6,000
Discount = 20% of 6000 = $\frac{20}{100} × 6,000$ = 1,200
SP = MP – Discount = 6000 – 1200 = 4,800
Now, $1.6x = 4,800$
$x$ = $\frac{4800}{1.6}$
= Rs. 3,000
Hence, the correct answer is 3,000.
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