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The cost price of an article is ₹X and it is marked up 40% above cost price, while the discount allowed on the marked price is 20%. If the cost price is ₹100 less and the selling price is ₹80 more, then the profit received on the article is 60%. Find the original selling price of the article (in ₹).
- 540
- 720
- 840
- 560
Correct answer: 560
Solution
Marked price = 140% of cost price, and after 20% discount, selling price = 80% of marked price = 112% of cost price. Let original cost price be X, so original selling price = 1.12X. The new condition gives (X-100) = (1.12X+80), which leads to X = 500 and original selling price = 560.
Related IBPS PO General Awareness questions
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