Question
Download Solution PDFRamesh sells an article at a loss of 20 percent. If he buys it for 30 percent less price and sells it for Rs. 36 less price, then his profit will be 10 percent. What is the cost price of the article?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Loss% on article = 20%
The selling price is reduced by Rs. 36
New profit = 10%
Formula Used:
Profit% = (Selling Price - Cost Price) × 100/Cost Price
Calculation:
Let the initial Cost Price be 100A
SP = 100A × (1 - 20/100) = 80A
According to Question
New Cost Price = 100A × (1 - 30/100) = 70A
New SP = 70A × (1 + 10/100) = 77A
Now as the selling price is reduced by Rs. 36
77A = 80A - 36 ⇒ 3A = 36 ⇒ A = 12
∴ Initial Cost Price = 100A → 100 × 12 = 1200
The answer is 1200
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