Multiple Choice Questions on There are two shopkeepers first shopkeeper calculates his profit percent on the selling price wherea........... for IBPS(Clerical) Exam Preparation

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Multiple Choice Questions

There are two shopkeepers first shopkeeper calculates his profit percent on the selling price wherea...........

Quantitative Aptitude(IBPS CL) Profit and loss
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    There are two shopkeepers, first shopkeeper calculates his profit percent on the selling price whereas the second shopkeeper calculates his profit percent on the cost price. If the selling price for both the shopkeeper is same and the difference between their profits is Rs.175. Then, calculate the sum of the cost price for both the shopkeeper if the profit percent for the both shopkeeper is 25%? 

    This questions was previously asked in
    IBPS CLERK MAINS 2018
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    Rs 5425 

    Correct Answer

    Rs 4875

    Incorrect Answer

    Rs 4675 

    Incorrect Answer

    Rs 5275 

    Incorrect Answer

     Rs 5325 

    Incorrect Answer
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    Explanation:

    - Let's call the common selling price as S.

    - For the first shopkeeper: profit% = 25% on S

    Profit = 25% of S = 0.25S

    Cost Price (CP1) = S - Profit = S - 0.25S = 0.75S

    - For the second shopkeeper: profit% = 25% on Cost Price

    Let Cost Price (CP2) = x

    Profit = 25% of x = 0.25x

    Selling Price = x + 0.25x = 1.25x

    But, Selling Price = S

    So x = S / 1.25

    CP2 = S / 1.25

    - Difference in profit = 0.25S - 0.25x = Rs.175

    ? 0.25S - 0.25(S/1.25) = 175

    ? 0.25[S - S/1.25] = 175

    ? 0.25[S*(1 - 1/1.25)] = 175

    ? 0.25[S*(1 - 0.8)] = 175

    ? 0.25[S*0.2] = 175

    ? 0.05S = 175

    ? S = 3500

    - So, CP1 = 0.75S = 0.75*3500 = 2625

    - CP2 = S/1.25 = 3500/1.25 = 2800

    - Sum = 2625 + 2800 = Rs. 5425

    ?? The correct answer is: Option 1: Rs 5425

    By: Parvesh Mehta
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