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 Rs. 1,064 in the transaction, the cost price (in Rs.) of the article is:

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 19 Jul 2023 Shift 4)

Answer 1

Given :

Dealer marks an article 60% above the cost price.

Two successive discounts of 10% and 20% on the marked price.

Formula Used :

Net Discount = a + b - ab/100

Calculation :

Let the CP be 100x.

So, MP = 160x

Net Discount = 10 + 20 - 200/100

⇒ 30 - 2 = 28%

SP = 160 × 72/100 = 115.2x

Profit = 1064

⇒ 1064 = 115.2x - 100x

⇒ 15.2x = 1064

⇒ x = 70

CP of the article = 100x = 100 × 70 = Rs.7000

∴ The correct answer is Rs.7000.