BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 1

Total Questions: 70

31. The marked price of a pencil is half of the marked price of a book. When both pencil and book are bought together then a combined discount of 35% is offered by the shopkeeper but when bought separately a discount of 26% and 22% is offered on the pencil and book, respectively. The selling price collected by the shopkeeper when items are bought separately is what percentage more or less than the selling price when the items are bought together?

Correct Answer: (d) 17.95%
Solution:Let, MP of pencil be Rs. x
Then, MP of book = Rs 2x
Selling price of book = 78% of 2x = 156x/100
Selling price of pencil = 74% of x = 74x/100
Total selling price when bought separately
= 156x/100 + 74x/100 = (156x + 74x)/100 = 230x/100
Total selling price when bought together = 65% of 3x = 195x/100
Difference in the amount earned = 230x/100 - 195x/100 = 35x/100
Required percentage = (35x/100)/(195x/100) × 100 = 17.95%

32. A shopkeeper marked a cap n% above its cost price and allowed discount of 20% on it. If shopkeeper earned a profit of 8% on selling the cap and marked price of the cap is Rs. (16n-20), then find the selling price of the cap.

Correct Answer: (a) Rs.432
Solution:

Let the cost price of the cap be Rs.100x
And, selling price of the cap = 100x × 108/100 = Rs 108x
Marked price of the cap = 108x/80 × 100 = Rs.135x
ATQ,
n = (135x - 100x)/100x × 100 = 35%
Marked price of the cap = 16 × 35 - 20 = Rs.540
Selling price = 540/135 × 108 = Rs.432

33. A shopkeeper claims that he is selling rock salt at 20 Rs / kg which cost him 25 Rs / kg but he is giving 800 grams instead of 1 kg. What will be the percentage profit or loss of the shopkeeper?

Correct Answer: (d) No profit no loss
Solution:

C.P of 1000 grams rock salt = Rs. 25
C.P of 800 grams of rock salt
⇒ 25/1000 × 800
⇒ Rs. 20
S.P of 1000 grams rock salt = Rs. 20
∴ there is no profit no loss as the shopkeeper bought the rock salt in Rs. 20 gm / kg and sold it for the same.

34. A sells goods to B at a profit of 25%. B sells it to C at a profit of 20%, C sells it to D at a loss of 30%, if D pay Rs.2,100 for it, Find the difference between cost price of B and C.

Correct Answer: (b) Rs. 500
Solution:

Let, cost price for A = Rs.100x
Cost price of B = ((100 + 25)/100) × 100x = Rs.125x
Cost price of C = ((100 + 20)/100) × 125x = Rs.150x
Cost price of D = ((100 - 30)/100) × 150x
= Rs.105x = 2100

⇒ x = 20
Cost price of B = 125 × 20 = Rs.2,500
Cost price of C = 150 × 20 = Rs.3,000
Difference of cost price of B and C
= 3000 – 2500 = Rs.500
Difference of cost price of B and C is Rs.500

35. A canvas costs Rs. 500 and the marked price is printed as Rs. 800. What is the profit % for the seller if he sells and offers a discount of 10% on the marked price?

Correct Answer: (a) 44%
Solution:After allowing a discount of 10% we get,
⇒ 90% of 800
⇒ 90/100 × 800
⇒ 720
∴ S.P = Rs. 720
Profit = S.P – C.P
⇒ 720 – 500
⇒ 220
Profit% = Profit/C.P × 100
⇒ 220/500 × 100
⇒ 44%
The profit% for the seller is 44%.

36. A dishonest shopkeeper sells sugar at Cost price but uses 600 gms in place of 1 kg weight. what is his actual gain percentage?

Correct Answer: (a) 66.67%
Solution:Let be 1 gram = 1 rupees
The cost price of sugar for shopkeeper = Rs. 600
The selling price of sugar for shopkeeper
= Rs. 1000
⇒ Profit or Gain% = {(1000 – 600)/600} × 100
⇒ (400/600) × 100 = 66.67%
The actual gain percentage of shopkeeper is 66.67%.

37. Ravi sells a chair to Mohan at a profit 10% and Mohan sells it to Govind at profit 20%. If Govind pays Rs. 1,320 for it. Then the cost price for Ravi is:

Correct Answer: (b) Rs. 1000
Solution:Let Cost Price be Rs.x
⇒ After selling chair to Mohan at 10% CP becomes
x × 110/100
⇒ This CP becomes SP for Govind. Govind got profit of 20% = x × (110/100) × 120/100
⇒ x (11 × 12)/100 = 1320
⇒ x = (1320 × 100)/132
CP of chair is Rs.1000

38. A marked price of an article is 20% above than the cost price of an article. A shopkeeper allows a discount of 10%. Selling price of an article is 2160. Find the profit percentage

Correct Answer: (c) 8%
Solution:

Marked price of an article = 2160 × 100/90
= Rs.2400
Cost price of an article = 2400 × 100/120 = Rs.2000
Profit = 2160 – 2000 = Rs.160
Required percentage = 160/2000 × 100 = 8%
The profit percentage is 8%.

39. A shopkeeper marked the price of a product Rs. 900 more than its cost price and announced successive discounts of 25% and 20% on the marked price, but he suffered a loss of 10%. By what percent should he increase the marked price to earn a profit of Rs. 360 at the same discount?

Correct Answer: (d) (100/3)%
Solution:

Let the cost price of the product be Rs. ‘x’
⇒ Marked price = Rs. (x + 900)
⇒ Selling price = Cost price – Loss = x – 10% of x = Rs. 0.9x
Total discount = (25 + 20 – 500/100)
= 45 – 5 = 40%
∴ Selling price = Marked price – Discount
⇒ 0.9x = (100 – 40)% of (x + 900)
⇒ 0.9x = 0.6 × (x + 900)
⇒ 0.9x = 0.6x + 540
⇒ Cost price = x = 540/0.3 = Rs. 1800
⇒ Marked price = 1800 + 900 = Rs. 2700
Now, to earn a profit of Rs. 360,
⇒ Selling price = 1800 + 360 = Rs. 2160
⇒ Marked price = 2160/0.6 = Rs. 3600
∴ Percentage increase in marked price = [(3600 – 2700)/2700] × 100 = (100/3)%

40. A shirt manufacturer marked the price of a shirt 25% above the cost price and then gives two successive discounts of 20% and 5%. If the cost price of a shirt is Rs.1500 then what is the selling price of the shirt.

Correct Answer: (b) 1425
Solution:Selling price = marked price × (1 – first discount)/100 × (1 – second discount)/100
Calculation:
Marked price of the shirt = (1500 × 125)/100
= Rs. 1875
Selling price of the shirt
= 1875 × 80/100 × 95/100
⇒ Rs. 1425
∴ The selling price of shirt is Rs. 1425.