New One Goal, Three Exams: Strategies for Mastering RBI, SEBI, and IFSCA Exams
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Question

Each of the questions below consists of a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. Read both the statements and give answer –

By selling a product for Rs.520 how much profit was earned?

I. 12% discount on the market price.

II. The profit was one- third of the cost price.

A If the data in statement I alone is sufficient to answer the question, while the data in statement II alone is not sufficient to answer the question. Correct Answer Incorrect Answer
B If the data in statement II alone is sufficient to answer the question, while the data in statement I alone is not sufficient to answer the question. Correct Answer Incorrect Answer
C If the data either in statement I alone or in statement II alone is sufficient to answer the question. Correct Answer Incorrect Answer
D If the data in both statements I and II together are necessary to answer the question. Correct Answer Incorrect Answer
E If the data even in both statements I and II together are not sufficient to answer the question. Correct Answer Incorrect Answer

Solution

From statement (i), we have only SP and MP but since, we have neither the CP nor the profit/loss, we cannot get the answer. From (ii), Let the CP be x and profit be x/3 . SP = CP + Profit 520 = x + x/3 520 = 4x/3 ∴x = Rs. 390 ∴ Profit = 390/3 = 130

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