Question : What price should Neeraj mark on a shirt that costs INR 840, to earn a profit of 18% after allowing a discount of 16% on the marked price?
Option 1: INR 1,200
Option 2: INR 1,180
Option 3: INR 1,240
Option 4: INR 1,160
Correct Answer: INR 1,180
Solution :
Let the marked price is denoted as MP and cost price as CP.
After allowing a discount of 16% a profit of 18% is gained.
$\frac{CP}{MP}=\frac{100-\text{discount%}}{100+\text{profit%}}$ = $\frac{100-16}{100+18}$
⇒ $\frac{CP}{MP}=\frac{84}{118}$
Given: Cost price = INR 840
84 unit = 840
⇒ 1 unit = 10
So, MP = 118 × 10 = 1180
Hence, the correct answer is INR 1180.
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