Question : Ramesh sells an article at a loss of 20%. If he buys it for 30% less price and sells it for INR 36 less price, then his profit will be 10%. What is the cost price of the article?
Option 1: 1000
Option 2: 1200
Option 3: 900
Option 4: 1500
Correct Answer: 1200
Solution :
Let the cost price of an article be $100x$.
Loss = 20% of cost price = $20x$
Selling price = cost price – loss = $100x-20x = 80x$
New cost price = $100x - 30\%$ of $100x = 100x-30x = 70x$
Profit = 10% of cost price = $\frac{10}{100}×70x = 7x$
New selling price = cost price + profit $=70x+7x=77x$
$77x = 80x - 36$
$⇒3x = 36$
$⇒x = \frac{36}{3} = 12$
$\therefore$ Cost price = 12 × 100 = INR 1200
Hence, the correct answer is 1200.
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