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
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.
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