A shopkeeper marks the price of an item at ₹ x and offers a discount of 38% on it. He sells it at a discounted price of ₹372 after charging 60% VAT. What is the value of ₹ x?

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  1. ₹400
  2. ₹500
  3. ₹200
  4. ₹375

Answer (Detailed Solution Below)

Option 4 : ₹375
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Detailed Solution

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Formula used:

Discounted Price = Marked Price × (1 - Discount Rate)

Selling Price after VAT = Discounted Price × (1 + VAT Rate)

Calculation:

Selling Price after VAT = ₹372

VAT Rate = 60% = 0.60

⇒ Discounted Price = 372 / (1 + 0.60)

⇒ Discounted Price = 372 / 1.60

⇒ Discounted Price = ₹232.50

Discount Rate = 38% = 0.38

⇒ Marked Price × (1 - 0.38) = ₹232.50

⇒ Marked Price × 0.62 = ₹232.50

⇒ Marked Price = ₹232.50 / 0.62

⇒ Marked Price = ₹375

∴ The correct answer is option (4).

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