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    Question

    A businessman made a profit of 35% on an item, while

    another businessman sold the same item for a 27% profit. If the first businessman’s profit was Rs. 56 more than the second businessman’s profit, what was the cost price of the item?
    A Rs.700 Correct Answer Incorrect Answer
    B Rs.450 Correct Answer Incorrect Answer
    C Rs.675 Correct Answer Incorrect Answer
    D Rs.520 Correct Answer Incorrect Answer

    Solution

    ATQ;
    Let the cost price of the item = Rs. ‘x’
    Selling price of the item for the first businessman = Rs. ‘1.35x’
    Selling price of the item for the second businessman = Rs. ‘1.27x’
    ATQ;
    (1.35x – 1.27x) = 56
    Or, 0.08x = 56
    So, x = 56 / 0.08 = 700
    Therefore, cost price of the item = Rs. 700

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