64 Views

Question : 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 INR 1,064 in the transaction, the cost price (in INR) of the article is:

Option 1: 8400

Option 2: 7000

Option 3: 6300

Option 4: 7200


Team Careers360 3rd Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: 7000


Solution : Let the cost price of an article be 100y
The marked price of the article = 160% of 100y = 160y
After two successive discounts of 10% and 20%
Selling price = 0.9 × 0.8 × 160y = 115.2y
Then the profit of the article = 115.2y – 100y = 15.2y
But, the actual profit is INR 1,064.
⇒ 15.2y = 1064
⇒ y = INR 70
The cost price of the article = 100 × 70 = INR 7000
Hence, the correct answer is 7000.

Know More About

Related Questions

Amity University Noida B.Tech...
Apply
Among Top 30 National Universities for Engineering (NIRF 2024) | 30+ Specializations | AI Powered Learning & State-of-the-Art Facilities
Amrita University B.Tech 2026
Apply
Recognized as Institute of Eminence by Govt. of India | NAAC ‘A++’ Grade | Upto 75% Scholarships
Amity University, Noida | Law...
Apply
700+ Campus placements at top national and global law firms, corporates and judiciaries
Great Lakes Institute of Mana...
Apply
Admissions Open | Globally Recognized by AACSB (US) & AMBA (UK) | 17.8 LPA Avg. CTC for PGPM 2025
Manav Rachna University Law A...
Apply
Admissions open for B.A. LL.B. (Hons.), B.B.A. LL.B. (Hons.) and LL.B Program (3 Years) | School of Law, MRU ranked No. 1 in Law Schools of Excelle...
Nirma University Law Admissio...
Apply
Grade 'A+' accredited by NAAC | Ranked 33rd by NIRF 2025
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books