Question : The marked price of a ceiling fan is INR 4,200 and the shopkeeper allows a discount of 5% on it. If his profit is 14%, then the cost price of the fan is:
Option 1: INR 3,200
Option 2: INR 3,800
Option 3: INR 3,000
Option 4: INR 3,500
Correct Answer: INR 3,500
Solution :
Given: The marked price of a ceiling fan = INR 4,200
And profit = 14% of Cost price
Also, discount = 5% of Marked price
So, Selling rice = $\frac{(100-5)}{100}×4200$
$\therefore$ Selling price = INR 3990
Since profit = 14% of Cost price,
Selling price = 114% of the Cost price
⇒ 3990 = $\frac{114}{100}$ × Cost price
$\therefore$ Cost price = INR 3500
Hence, the correct answer is INR 3,500.
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