BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 1

Total Questions: 70

21. A wholesale dealer sold 25 pens at a profit of 20 % and 15 pens at a profit of 10 %. If he had sold all 40 pens at a profit of 15 %, then his profit would have been reduced by Rs. 64. What is the cost price of each pen?

Correct Answer: (b) Rs. 128
Solution:

Let the cost price of each pen be Rs. x
Cost price of 25 pens = 25x
Selling price = 25x × 1.2 = 30x
Cost price of 15 pens = 15x
Selling price = 15x × 1.1 = 16.5x
Total selling price = 46.5x
Profit = 6.5x

Now, cost price of 40 pens = 40x
Selling price = 40x × 1.15 = 46x
Profit = 6x

According to question,
6.5x - 6x = 64
or, x = Rs. 128

22. A fruit seller bought 20 kg of oranges at Rs 72 per kg. He sold 20% of it at the rate of Rs 85 per kg but due to some inadequate storage conditions, 20% of the total oranges got rotten, so at what approximate price should he sell the remaining oranges in order to earn a overall profit of 12%

Correct Answer: (b) Rs 106 per kg
Solution:

Total CP of 20 kg of oranges = 20 × 72 = Rs 1440
SP of 20% of oranges = 4 × 85 = Rs 340
Oranges got rotten = 20% of 20 kg = 4 kg
So, remaining oranges = 20 - 8 = 12 kg
Overall profit required = 12%
So, 12/100 = (SP-CP)/CP × 100, or 12/100 = (SP - 1440)/1440 × 100 or SP = 1612.8
SP for remaining 12 kg of oranges = 1612.8 - 340
= Rs 1272.8
Hence, SP per kg for remaining oranges = 1272.8/12
= 106.06 @ Rs 106

23. The manufacturer of denim jeans sets the MRP of jeans 35% above its manufacturing cost. The product is first sold to the retailer. The retailer then sell jeans in the market making a profit of 20% on its purchase cost. The retailer offers a 10% discount on the MRP. Find the profit percentage for the manufacturer of the jeans who sells this jeans to the retailer.

Correct Answer: (b) 1.25%
Solution:

Let the manufacturing cost = 100
The MRP of the product is 35% above its manufacturing cost.
The MRP of the product = 100 + 35% of 100 = 135
The retailer sells the product after offering a discount of 10% on the MRP
So, the retailer sells the product at 135 - 10% of 135
= 135 - 13.5 = 121.5
The retailer makes a 20% profit on his purchase price.
So, the retailer sells the product at x + 20% of x
= 120% of x
Step to retailer sells the product at 121.5
= 120% of x
1.20x = 121.5
x = 101.25
The manufacturer sold the product at 101.25
Cost to the manufacturer is Rs. 100.
So, profit made by the manufacturer is Rs. 1.25.
the manufacturer makes 1.25% profit

24. A dishonest shopkeeper uses a faulty weight to sell his goods. For every 1000g of goods sold by him, the weight shows 1200g. Chirag bought some goods from the shopkeeper and sold them after marking up the price of goods by n%. If the total profit percentage earned by the man is 5% then find the value of n?

Correct Answer: (d) 26
Solution:

1000g = 1kg, 1200g = 1.2kg
Let the cost price of goods purchased by Chirag be = 120x Rs.
The actual worth of the goods purchased by Chirag = (1/1.2) × 120x = 100x Rs.
The selling price of the goods sold by Chirag = 100x × [(100 + n)/100] Rs.
The actual selling price of goods sold by Chirag = (100x/1.2) × [(100 + n)/100] Rs.
ATQ, (100x/1.2) × [(100 + n)/100] = 100x × 1.05
⇒ 100 + n = 126
⇒ n = 26

25. Shivanshu and Mayank bought two goods for Rs. 12000 and Rs. 8000 respectively. The selling price of Mayank's good was 20% more than its cost price whereas the selling price of Shivanshu's good was x% more than its cost price. If the selling price of Shivanshu's good was Rs. 5400 more than the selling price of Mayank's good, then find the ratio between the sum of selling price and cost price of Mayank's goods and sum of selling price and cost price of Shivanshu's goods.

Correct Answer: (b) 88:135
Solution:

Selling price of Mayank's good = 8000 × (1 + 0.2)
= Rs. 9600
Selling price of Shivanshu's good
= 12000 × (1 + x)
According to the question,
12000 × (1 + x) - 5400 = 9600
x = 25%
So, selling price of Shivanshu's good
= 12000 × (1.25) = Rs. 15000
Required ratio = 9600 + 8000 : 15000 + 12000
= 17600 : 27000 = 88 : 135

26. Raju had bought a mobile in January at 20% discount over the marked price. Raju sold his mobile to Lalan at 18% loss in April for Rs. 32800. If Lalan had bought the same but new mobile then it would have cost him Rs. 2500 more than the marked price in January and no discount is offered on the marked price during this time. Find the percentage increase in the marked price of the mobile in April with respect to the same in January.

Correct Answer: (d) 5%
Solution:Let, marked price of mobile in January be Rs. x
Cost price of mobile for Raju in January = Rs. 4x/5
Selling price of mobile for Raju in April = 82% of 4x/5 = Rs. 82x/125
So, 82x/125 = 32800
⇒ x = (32800 × 125)/82
⇒ x = Rs. 50000
Marked price of mobile in April = 50000 + 2500 = Rs. 52500
Required percentage = (52500 - 50000)/50000 × 100 = 5%

27. A textile vendor marked his shirts at Rs.1000 per shirt, however he was forced to give two successive discounts of 20% and 15% respectively. He charges sales tax on net sales price from the customer at 10%. The customer further sells the shirt to his friend at a profit of 25%. What percentage loss did the friend incur by not buying the shirt directly from the vendor, if the vendor gave only a single discount of 15% to his friend and charged a sales tax of 10%?

Correct Answer: (e) None of these
Solution:Final Price Paid by customer = 1000 × (80/100) × (85/100) × (110/100) = Rs. 748
Price paid by the friend to the customer = 748 × 1.25 = Rs. 935
Price paid by the friend to the vendor = 1000 × 0.85 × 1.1 = Rs. 935
No loss would be incurred by the friend.

28. Utkarsh sold 4 laptops on OLX. 1st and 3rd laptops were sold at a loss of 15% and 12% respectively whereas 2nd and 4th laptops were sold at a profit of 21% and 14% respectively. The combined cost price for 2nd and 3rd laptop was approximately what percentage of the combined cost price of 1st and 4th laptop if the selling price of each laptop is Rs.100?

Correct Answer: (a) 95.57%
Solution:

Cost price of 1st laptop = 100/0.85 = Rs. 117.65
Cost price of 2nd laptop = 100/1.21 = Rs. 82.64
Cost price of 3rd laptop = 100/0.88 = Rs. 113.64
Cost price of 4th laptop = 100/1.14 = Rs. 87.72
Required percentage difference
= (82.64 + 113.64)/(117.65 + 87.72) × 100
= (196.28)/(205.37) × 100 = 95.57%

29. A fruit vendor buys 24 crates of apples with each crate containing 16 apples at Rs. 36 per dozen. At the end of first day he finds out that 1 apple have rotten, on the second day 2, on the third day 4, on fourth day 8, and so on. If the vendor sells all the apples at the beginning of the 8th day at Rs. 60 per dozen then find out his profit/loss percentage.

Correct Answer: (c) 38.89%
Solution:

Each crate contains 16 apples and number of crates is 24.
So, total number of apples = 24 × 16 = 384
Number of dozens of apples = 384/12 = 32
Total cost price of all apples = 32 × 36 = Rs. 1152
Till the end of 7th day the number of apples that have rotten = 2⁶ = 64
Apples sold = 384 - 64 = 320
Number of dozens of apples sold = 320/12 = 80/3

Total selling price of the apples sold = 80/3 × 60 Rs. = 1600
Profit earned = 1600 - 1152 = Rs. 448
Required profit percentage = 448/1152 × 100 = 38.89%

30. A shopkeeper buys 12 shirts for Rs. 650 each and 18 jackets for Rs.1200 each and marks up their prices by 70% and 60%, respectively. If he offers the same percentage of discount on both the shirts and the jackets and earns a total profit of Rs. 8856, calculate the discount percentage.

Correct Answer: (c) 20%
Solution:Total cost Price = 12 × 650 + 18 × 1200 = 7800 + 21600 = Rs. 29400.
Let the discount offered on the shirts and the jackets be = x%
Marked Price of a shirt = 650 + 70% of 650 = Rs. 1105
Marked price of a jacket = 1200 + 60% of 1200 = Rs. 1920
S.P of a shirt = 1105 - (x × 1105)/100
= 1105 - 11.05x
And, S.P of a jacket = 1920 - 19.2x
Total selling price = 12(1105 - 11.05x) + 18(1920 - 19.2x)
= 13260 + 34560 - 478.2x = 47820 - 478.2x
Profit = Selling Price - Cost Price
8856 = 47820 - 478.2x - 29400
⇒ 8856 = 18420 - 478.2x
x = 20
Discount percentage = 20%