Subject: General Aptitude · Chapter: Profit and Loss · Exam: · Marks: · Difficulty:
What was the cost price of the suitcase purchased by Richard? (SNAP, 2005) I. Richard got 20% concession on the labelled price. II. Richard sold the suitcase for ` 2000 with 25% profit on the labelled price.
Answer
SELF-PRACTICE — the source book printed no answer.
Nothing is invented here, so this question has no answer on record.
Explanation
Let the labelled price be ₹$x$. I. C.P. $=80\%$ of ₹$x=₹\left(x\times\frac{80}{100}\right)=₹\frac{4x}{5}$. II. S.P. $=₹2000$, S.P. $=125\%$ of ₹$x=₹\left(\frac{125}{100}\times x\right)=₹\frac{5x}{4}$. $$\therefore \frac{5x}{4}=2000 \Rightarrow x=\frac{2000\times 4}{5}=1600.$$ $$\therefore \text{C.P.}=₹\frac{4x}{5}=₹\left(\frac{4}{5}\times 1600\right)=₹1280.$$ Thus, I and II together give the answer. ∴ Correct answer is (e).
Explanation as extracted from the printed page; notation may be imperfect.