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A trader marked a product 50% above its cost price. He provided two successive discounts of 20% and 5%. If he earned a profit of ₹280, what was the cost price of the product?

1. ₹ 2000
2. ₹ 2500
3. ₹ 1800
4. ₹ 2200

Correct answer: ₹ 2000

Solution

If cost price is CP, marked price = 1.5CP. After successive discounts of 20% and 5%, selling price = 1.5CP × 0.8 × 0.95 = 1.14CP. So profit = 14% of CP = ₹280, giving CP = ₹2000.

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