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An item is marked at ₹850. A dealer allows 20% discount and still makes 12% profit. What is the cost price (approximate)?
- ₹ 580
- ₹ 610
- ₹ 607
- ₹ 604
Correct answer: ₹ 607
Solution
A 20% discount on ₹850 gives a selling price of ₹680. Since this still gives a 12% profit, the selling price is 112% of the cost price. So cost price = 680 ÷ 1.12 ≈ ₹607.
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