BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 2

Total Questions: 70

11. A shopkeeper purchases an induction cooker of marked price of Rs. 3000 at successive discount of 10% and 20% respectively. He then spent Rs. 100 on packaging and sold it for Rs. 3000. Calculate his approximate gain %

Correct Answer: (e) 33%
Solution:

Successive discount = [10 + 20 – (200/100)]%
⇒ (30 – 2)%
⇒ 28%

Shopkeeper buys it in = Rs. (3000 – 3000 × 28%)
⇒ Rs. 3000 (72/100)
⇒ Rs. 2160

Cost Price of cooker for shopkeeper is = 2160 + 100
⇒ Rs. 2260

Gain% = (3000 – 2260)/2260 × 100
⇒ 740/226
⇒ 32.74% ≈ 33%

12. Ravi sold a mobile at a 20% loss to Rahul and Rahul sold the same mobile at a 5% profit to Akshay and Akshay spent Rs. 3,000 on repairing of mobile and sold it to Golu at 12.5% profit. If Golu purchased the mobile in Rs. 27,000, Then find the cost price in which Ravi purchased the mobile.

Correct Answer: (e) Rs. 25000
Solution:

Let Ravi purchased the mobile in Rs. 100x
The selling price of Ravi = C.P × (100 – L%)/100
⇒ 100x × (100 – 20)/100
⇒ 80x

The cost price of Rahul = Selling price of Ravi
The cost price of Rahul = 80x

The selling price of Rahul = C.P × (100 + P%)/100
⇒ 80x × (105)/100
⇒ 84x

The cost price of Akshay = selling price of Rahul
The cost price of Akshay = 84x

Akshay spent on repairing = Rs. 3,000
Total cost price of Akshay = 84x + 3,000

Selling price of Akshay = (84x + 3,000) × 112.5/100
⇒ (84x + 3,000) × 9/8

The cost price of Golu = Selling price of Akshay
The cost price of Golu = (84x + 3,000) × 9/8

⇒ (84x + 3,000) × 9/8 = Rs. 27,000
⇒ 84x + 3,000 = 24,000
⇒ 84x = 21,000
⇒ x = 250

The price at which Ravi purchased the mobile = 100x = Rs. 25,000

13. Profit earned on selling a table for Rs. 'X + 1600' is 50% more than the loss incurred on selling the table for Rs. 'X + 100'. Had the table been sold for Rs. 'X', there would have been a loss of 43.75%. What is the cost price of the table?

Correct Answer: (b) Rs. 1600
Solution:

Let the cost price of the table be Y
ATQ (X + 1600) – Y = [Y – (X + 100)] × (3/2)
⇒ 2X – 2Y + 3200 = 3Y – 3X – 300
⇒ 5Y = 5X + 3500
⇒ Y = X + 700 ...(a)

Again, (Y – X)/Y = 7/16
⇒ 16Y – 16X = 7Y
⇒ 16X = 9Y ...(b)

From (a) and (b)
16k – 9k = 700
⇒ k = 100

The cost price of the table = Y = 16k = 1600 Rs.

14. A shopkeeper sells one kind of rice at Rs 13 per kg and losses 20% and another kind of rice at Rs 15 per kg and gains 25%. If he mixes the two together in equal proportion and sells the mixture at Rs 16 per kg, then what is the gain percent now?

Correct Answer: (c) 1500/113%
Solution:

Let the shopkeeper mixes 1 kg of rice of each type.
Selling price of 1st type of rice = Rs 13 per kg
Loss = 20%

⇒ Cost price = 100 × 13/100 – 20
⇒ 1300/80
⇒ 130/8
⇒ Rs 65/4 per kg

Again, selling price of 2nd type of rice = Rs 15 per kg
Gain = 25%

⇒ Cost price of 2nd type = 100 × 15/100 + 25
⇒ 1500/125
⇒ Rs 12 per kg

∴ Cost price of 2 kg of mixture = 65/4 + 12
⇒ 65 + 48 / 4
⇒ Rs 113/4

∴ Cost price of 1 kg of mixture = Rs 113/8

Now, selling price of mixture = Rs 16 per kg
∴ Profit % = (16 – 113/8)/(113/8) × 100
⇒ (128 – 113/8)/(113/8) × 100
⇒ 15/8 × 8/113 × 100
⇒ 1500/113 %

∴ The gain percent now is 1500/113 %

15. Ram sells a juicer for Rs 1260 and earns a profit of 20%. However, due to recession, demand for goods fall and he has to sell the mixer at only 2/5 of the previous profit %. What will be the new selling price of juicer?

Correct Answer: (c) Rs 1134
Solution:

Here, SP = Rs 1260
Cost price, CP = 100 × SP/(100 + P%)
⇒ CP = 100 × 1260/(100 + 20)
⇒ 126000/120
⇒ CP = Rs 1050

Now, the new profit reduces to 2/5 of his profit.
∴ New profit = 2/5 × 20 = 8%

Now, new SP = (100 + P%)/100 × CP
New SP = (100 + 8)/100 × 1050
⇒ 108/100 × 1050
⇒ 54 × 21
⇒ Rs 1134

∴ The new selling price for the juicer will be Rs 1134

16. A shopkeeper marked an article 40% above the cost price and sold it to Ankush at a discount of Rs. 40. Ankush sold this article to Yuvraj at a profit of 50%. If the profit earned by Ankush is Rs. 85, then find the profit earned by the shopkeeper.

Correct Answer: (a) Rs. 20
Solution:

Let the cost price of shopkeeper be Rs. x
So, the marked price of the article = Rs. x × 140%
= 7x/5

So, the selling price of shopkeeper = cost price of Ankush = Rs. (7x/5 – 40)

So, the selling price of Ankush = cost price of Yuvraj
= Rs. (7x/5 – 40) × 150% = 3(7x/5 – 40)/2

So, the profit earned by Ankush = 3(7x/5 – 40)/2 – (7x/5 – 40)

So, (7x/5 – 40)/2 = 85
⇒ (7x/5 – 40) = 170
⇒ 7x/5 = 210
⇒ x = 150

So, the profit of Shopkeeper = 170 – 150 = Rs. 20

17. A shopkeeper purchases 15 packs of four cigars of Jaali brand each pricing Rs. 600. If a shopkeeper sells them illegally at the rate of Rs. 200 per piece. What is the profit percent earned by the shopkeeper?

Correct Answer: (d) 33.33%
Solution:

Total cigars = 15 × 4 = 60
Actual price of cigars = 15 × 600 = Rs. 9,000
Money earned by selling all the cigars = 60 × 200
= Rs. 12,000

Profit earned = 12000 – 9000 = Rs. 3000

Profit % earned = (3000/9000) × 100 = 33.33%

18. A dealer marks an article 50% above the cost price and sells it to a customer allowing two successive discounts of 20% and 15% on the marked price. if he gains Rs. 400 on the deal then cost price of the article is?

Correct Answer: (c) Rs. 20,000
Solution:

Let the CP be Rs. 100
Then, MP = [(100 + 50)/100] × 100 = Rs. 150
Hence, Net Discount = 20 + 15 – [(20 × 15)/100] = 32%

⇒ 32% of 150 = 32/100 × 150 = 48
⇒ SP = 150 – 48 = 102
⇒ Profit = 102 – 100 = Rs. 2

According to the given question,
2 ratio = 400
∴ C.P = 100 ratio = 20000

19. Suresh waited for the new year to get a discount on the jeans. He got a discount of 40% on MRP 2500. And he made payment with UPI and got 10% cashback. Find the saved amount by Suresh.

Correct Answer: (b) 1150
Solution:

Discount = (2500 × 40)/100
⇒ (2500 × 40)/100
⇒ 1000

Cashback in on paid amount which is 1500
⇒ Cashback = [1500 × (100 – 90)]/100
⇒ (1500 × 10)/100
⇒ 150

Total amount saved = 1000 + 150 = 1150
∴ The total amount saved is Rs.1150

20. The selling price of an article is 216.667% more than the amount of discount offered to the article. If the ratio of discount percentage to the loss percentage is 24 : 5, then what is the loss percentage?

Correct Answer: (a) 5%
Solution:

Let the selling price of the article = 19x Rs.
And, the amount of discount offered on the article = 6x Rs.

Then, Marked price of the article = 19x + 6x = 25x Rs.

Let the discount% on the article = 24y and the loss% on the article = 5y

Therefore, [(25x – 19x)/25x] × 100 = 24y ...(a)

And, [(cost price – 19x)/Cost price] × 100 = 5y ...(b)

Dividing both the equations
[(CP – 19x)/CP] × (25/6) = 5/24

⇒ (CP – 19x) × 20 = CP
⇒ CP = 20x Rs.

Loss% of the article
= [(20x – 19x)/20x] × 100 = 5%