BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 2

Total Questions: 70

21. Arun sold his bike to Arnab at a profit of 20%. Arnab sold the bike at a loss of 20% to Animesh. If Animesh sold the bike for Rs. 3300 which earned him a profit of 10% then find the rate at which Arun purchased the bike?

Correct Answer: (d) Rs. 3125
Solution:

Cost price for Animesh = 3300 × 100/110 = Rs. 3000
Cost price for Arnab = 3000 × 100/80 = Rs. 3750

So, the price paid by Arun = 3750 × 100/120 = Rs. 3125

22. An article having cost price of Rs. 250 is marked 60% above its cost price, ‘A’ proposes to sell this article after two successive discounts of 20% and Rs. 12 while ‘B’ proposes to sell it after a single discount of 25%. What is the difference between the selling prices proposed by ‘A’ and ‘B’?

Correct Answer: (b) Rs. 8
Solution:

Marked price of the article = 250 × 1.60 = Rs. 400
Selling price proposed by ‘A’ = 400 × 0.80 – 12 = 320 – 12 = Rs. 308
Selling price proposed by ‘B’ = 400 × 0.75 = Rs. 300

So, required difference = 308 – 300 = Rs. 8

23. The average cost price of 20 pencils (having equal cost price) decreases by Rs. 2, when one of the pencils is replaced by a new pencil having cost price of Rs. 80. Find the cost price of the pencil that was replaced.

Correct Answer: (d) Rs. 120
Solution:

Let the cost price of each pencil be Rs. ‘x’
So, cost price of 20 pencils = Rs. 20x

ATQ:
(20x – x + 80) ÷ 20 = x – 2

Or, 19x + 80 = 20x – 40
Or, x = 120

So, cost price of the pencil that was removed is Rs. 120.

24. ‘A’ sold a pen to ‘B’ at 30% profit who sold it to ‘C’ making the same profit (in Rs.) that ‘A’ made. If ‘C’ sold it to ‘D’ at 50% profit, then cost price of the pen for ‘D’ is how much percent more than that for ‘A’?

Correct Answer: (b) 140%
Solution:

Let the cost price of the pen for ‘A’ be Rs. ‘100x’
So, cost price of the pen for ‘B’ = 100x × 1.3 = Rs. ‘130x’

Profit made by ‘A’ = 130x – 100x = Rs. 30x

Cost price of the pen for ‘C’ = 130x + 30x = Rs. 160x

So, cost price of the pen for ‘D’ = 160x × 1.5 = Rs. 240x

So, required percentage = [(240x – 100x)/100x] × 100 = 140%

25. A shopkeeper marked a chair 60% above its cost price and sold it for Rs. 768 after offering a discount of ‘x’%. He purchased a table for Rs. 1,000 and sold it for Rs. 1,029 such that profit earned by him is Rs. 1.45x. Find the sum of the cost prices of chair and table.

Correct Answer: (b) Rs. 1,600
Solution:

Profit earned by selling the table = (1029 – 1000)
= Rs. 29

Therefore, ‘x’ = 29/1.45 = 20

So, marked price of chair = 768/0.80 = Rs. 960
So, cost price of chair = 960/1.6 = Rs. 600

Cost price of the table = Rs. 1000

Required sum = 1000 + 600 = Rs. 1,600

26. Aman marked an article 40% above its cost price and sold it after two successive discounts of 20% and ‘x’%, respectively. If the cost price of the article is Rs. 2,500 while its selling price is Rs. 2,450, then find the value of ‘x’.

Correct Answer: (d) 12.5
Solution:

Marked price of the article = 1.40 × 2500 = Rs. 3,500

Discount percentage = [(3500 – 2450)/3500] × 100
= 30%

So, 20 + x – (20 × x/100) = 30

100 + 5x – x = 150
4x = 50
x = 12.5

27. The cost price of a T.V. is 250% of that of a phone. The T.V. is marked 20% above its cost price and sold after offering a discount of Rs. 4000 while the phone is sold at a profit of Rs. 400 such that the ratio of selling prices of the TV and the phone is 14:9 respectively. Find the cost price of the phone.

Correct Answer: (e) Rs. 3200
Solution:

Let the cost price of the phone = Rs. 2x

Then, cost price of the T.V. = 2x × 2.5 = Rs. 5x

Selling price of the T.V. = 5x × 1.2 – 4000 = Rs. (6x – 4000)

Selling price of the phone = Rs. (2x + 400)

According to the question, (6x – 4000) : (2x + 400) = 14 : 9

Or, 54x – 36000 = 28x + 5600
Or, 26x = 41600

So, x = 41600 ÷ 26 = 1600

Cost price of the phone = 2x = Rs. 3200

28. The average cost price of articles ‘A’ and ‘B’ together is Rs. 450. If articles ‘A’ and ‘B’ are sold at profit of 50% and loss of 25%, respectively and the overall profit earned is 10%, then find the cost price of article ‘A’.

Correct Answer: (b) Rs. 420
Solution:

The sum of cost price of articles ‘A’ and ‘B’ = 450 × 2 = Rs. 900

Let the cost price of article ‘A’ = Rs. ‘X’

Then, cost price of article ‘B’ = Rs. (900 – X)

Selling price of article ‘A’ = X × 1.5 = Rs. ‘1.5X’

Selling price of article ‘B’ = (900 – X) × 0.75
= Rs. (675 – 0.75X)

Overall profit earned = [1.5X + (675 – 0.75X)] – 900
= 900 × 0.1

Or, 675 + 0.75X – 900 = 90
Or, 0.75X = 990 – 675

So, X = 315 ÷ 0.75 = 420

29. A shopkeeper sold an article for Rs. 306 after allowing two successive discounts of 20% and 15%, respectively. If he marked the article at Rs. 250 higher than the cost price, then find the gain percentage of the shopkeeper.

Correct Answer: (a) 53%
Solution:

Marked price of the article = 306 ÷ 0.8 ÷ 0.85
= Rs. 450

Cost price of the article = 450 – 250 = Rs. 200

Profit earned by the shopkeeper = 306 – 200
= Rs. 106

So, required percentage = (106/200) × 100 = 53%

30. Sameer sold an article for Rs. 1,104 after allowing a discount of 20%. Find the difference between the marked price and cost price of the article if the article is sold at a gain of 15%.

Correct Answer: (a) Rs. 420
Solution:

Marked Price of the article = 1104 × (100/80)
= Rs. 1,380

Cost Price of the article = 1104 × (100/115)
= Rs. 960

The difference between the marked price and cost price of the article = 1380 – 960 = Rs. 420