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    Question

    A trader marked an article 70% above its cost price and

    sold it after allowing a discount of 40%. If the transaction resulted in a profit of Rs. 24, then find the cost price of the article
    A Rs. 1000 Correct Answer Incorrect Answer
    B Rs. 1250 Correct Answer Incorrect Answer
    C Rs. 1200 Correct Answer Incorrect Answer
    D Rs. 1290 Correct Answer Incorrect Answer

    Solution

    Let the cost price of the article be Rs. ‘x’ Marked price of the article = x × 1.7 = Rs. ‘1.7x’ Selling price of the article = 1.7x × 0.6 = Rs. ‘1.02x’ Profit = 1.02x – x = Rs. ‘0.02x’ ATQ; 0.02x = 24 So, x = 1200 Therefore, cost price of the article is Rs. 1200.

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