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A shopkeeper marked up the price of article L at 60% above its cost price and sold at 3/4 of its marked price. If the cost price of article M is 40% more than the cost price of article L and the profit on each article is ₹950, then find the selling price of article M?
- ₹6600
- ₹7200
- ₹6000
- ₹7600
Correct answer: ₹7600
Solution
Let CP of L = x. MP of L = 1.6x. SP of L = (3/4)(1.6x) = 1.2x. Profit on L = 1.2x - x = 0.2x = 950 → x = ₹4750. CP of M = 1.4×4750 = ₹6650. Profit on M = ₹950. SP of M = 6650+950 = ₹7600.
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