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
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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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