Question : The selling price of an article is four times of its cost price. If the selling price is reduced by INR 300, then the profit becomes 250%. What is the cost price of the article?
Option 1: INR 400
Option 2: INR 450
Option 3: INR 800
Option 4: INR 600
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Correct Answer: INR 600
Solution : Let the cost price of the article as C and the selling price as S. It is given that the selling price is four times the cost price. ⇒ S = 4C We also know that if the selling price is reduced by INR 300, the profit becomes 250% (Profit = 2.5C). Since Selling price = Profit + Cost price S – 300 = 2.5C + C ⇒ S – 300 = 3.5C We can solve these two equations simultaneously to find the cost price. ⇒ 4C – 300 = 3.5C ⇒ C = $\frac{300}{4 - 3.5}$ = INR 600 Hence, the correct answer is INR 600.
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