Profit and loss

Quantitative Aptitude (MTS)

Title

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Indian Economy - Understanding the basics of Indian economic system

By selling an article for Rs1,200, a shopkeeper suffered a loss of 20%. What was the cost price of that article?

This questions was previously asked in

SSC MTS 15th July 2022 Shift-3

Rs1,500

Rs1,020

Rs1,000

Rs1,180

- When a shopkeeper sells an article for Rs1,200 at a 20% loss, it means the selling price is 80% of the cost price.

- To find the cost price, let it be Rs X. Then, 80% of X = Rs 1,200.

- So, the equation is \(0.80 \times X = 1,200\).

- Solve for X: \(X = \frac{1,200}{0.80} = 1,500\).

- Option:1 - Rs1,500 is the cost price.

- Option:2 - Rs1,020, was found using incorrect calculations.

- Option:3 - Rs1,000, assumes an even greater loss than stated.

- Option:4 - Rs1,180, seems close but is incorrect due to miscalculation.

Option 1, Rs1,500 is the cost price.