A dealer marks an article 60% above the cost price and sells it to a customer allowing two successive discounts of 10% and 20% on the marked price. If he gains Rs 1,064 in the transaction, the cost price (in Rs) of the article is :
This questions was previously asked in
ssc cgl 2023 pre
Explanation:
Let's break it down:
- Marked Price Calculation:
- The marked price is 60% above the cost price.
- If the cost price (CP) is Rs X, the marked price would be Rs 1.6X.
- Discounts Applied:
- A 10% discount on the marked price leads to a price of 90% of the marked price: 0.9 * 1.6X = 1.44X.
- A subsequent 20% discount on this price results in a final selling price of 80% of the preceding price: 0.8 * 1.44X = 1.152X.
- Profit Calculation:
- The dealer gains Rs 1,064, which means the profit is 1,064 above the CP.
- Selling price (SP) is 1.152X.
- SP - CP = Profit, so 1.152X - X = 1,064.
- Solve for X (Cost Price):
- 0.152X = 1,064.
- X = 1,064 / 0.152 = 7,000.
Thus, the cost price of the article is Rs 7,000.
The correct answer is Option 2: 7,000.
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By: Parvesh Mehta