A shopkeeper marks the price of an article at Rs. 200. After allowing a discount of 10%, he still gains 20% on the cost price. What is the cost price of the article?
Answer
Correct Answer : c ) Rs. 150
Explanation :As per the question,
Marked Price (MP) = Rs. 200
Discount = 10%
Profit = 20%
Cost Price (CP) = ?
Let Cost Price (CP) be X
We know that,
Selling Price (SP) = MP - Discount
SP = 200 - (10/100) x 200
SP = 200 - 20
SP = Rs. 180
We know that,
Profit Percentage = ((SP - CP)/CP) x 100
20 = ((180 - X)/X) * 100
20/100 = 180/X - 1
120/100 = 180/X
X = 180 *100/120
X = Rs. 150
Hence, (c) is the correct answer.
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