BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 2

Total Questions: 70

61. A shopkeeper marked the Eraser 20% above its cost price and he offered a discount of 12.5% on marked price of the Eraser. If the selling price of 15 erasers is Rs.252, then find the cost price of one eraser?

Correct Answer: (c) Rs.16
Solution:

SP of one eraser = 252/15 = 16.8
Let CP of eraser = x

X × 120/100 × 87.5/100 = 16.8
X = 16

62. Ratio of the marked to cost price of the T-shirt is 3:2 and the selling price of the T-shirt is Rs.675. If the shopkeeper earned the profit is Rs.150 less than the discount offered on the T-shirt on its marked price, then find the discount offered on T-shirt?

Correct Answer: (b) Rs.225
Solution:

SP of t-shirt = 675
Discount = a
Profit = a - 150
MP = 3x
CP = 2x

675 = 3x - a
675 = 2x + a - 150
675 = 2x + (3x - 675) - 150
5x = 1500
x = 300

Discount = 3 × 300 - 675 = Rs.225

63. A seller bought 2750 Mangoes and 1210 Apples at the same price. He sells in such a way that he can buy 406 Mangoes with the sale of 322 Mangoes and he can buy only 289 Apples with the sale of 391 Apples. Then what is the overall profit percentage made by him?

Correct Answer: (a) 0%
Solution:

Cost of 2750 Mangoes = 1210 Apples
Total cost = 2420 Apples

Given: 406 = 322(100 + x/100)
x = 6 2/3%

Given: 289 = 391(100 + y/100)
y = 6 2/3% loss

Overall profit:
2750 Mangoes × (100 + 6 2/3/100) + 1210 Apples × (100 - 6 2/3/100)
= 2420 × Apples (100 + P/100)

= 1210 Apples × (100 + 6 2/3/100) + 1210 Apples × (100 - 6 2/3/100)
= 2420 × Apples (100 + P/100)

P = 0%

64. The ratio selling prices three articles A, B, and C is 29:27:32, the ratio of percentage profit is 4:2:5, respectively. If the cost price of article A is equal to B and the cost price of article C is Rs. 480. Then what is the overall gain?

Correct Answer: (c) 15%
Solution:

Let SP = y, Profit = x
29y/27y = (100 + 4x/100 + 2x)
x = 4

% are 16%, 8%, 20%

32y = 480(120/100)
y = 18

SP’s are 522, 486, 576

CP of A = CP (116/100)
CP = 450

CP’s are 450, 450 and 480

Overall gain
1584 = 1380(100 + g/100)
g = 15%

65. A shopkeeper sold half of his items at 25% profit, half of the remaining at 20% loss and the rest was sold at cost price. Find the gain/loss % in the whole transaction?

Correct Answer: (c) 7.5 %
Solution:

Let the cost price of whole items be Rs. x,
CP of 1/2 of the items = Rs. x/2
CP of 1/4 of the items = Rs. x/4

Total SP = Rs. [(125% of x/2) + (80% of x/4) + x/4]
= Rs. (5x/8 + x/5 + x/4)
= Rs. 43x/40

Gain = Rs. (43x/40 - x)
= Rs. 3x/40

Gain % = [(3x/40)/x] × 100 = 7.5%

66. The teddy is marked 15% above the cost price. When the selling price of an article is increased by 25%, the profit gets increased Rs. 110. If the marked price of the article is Rs. 575, then find original selling price?

Correct Answer: (b) Rs. 440
Solution:

Marked Price = Rs. 575
CP = 575 × (100/115) = 500

Profit = Selling Price - 500

And given that, when SP is increased by 25%
Let the original selling price be Rs. x,

125/100 × SP - 500 = Profit + 110
5/4x - 500 = (SP - CP) + 110
5x/4 - 500 = x - 500 + 110

5x/4 - x = 110

(5x - 4x)/4 = 110

x = 440

Selling price = Rs. 440

67. A firm of readymade garments makes both men’s and women’s shirts. Its average profit is 5% of the sales. Its profit in men’s shirts average 9% of the sales and women’s shirts comprise 60% of the output. The average profit per sale rupee in women shirts is

Correct Answer: (d) 0.0233
Solution:

Let the total sales be Rs. 100

Women’s shirt comprise 60% of the output
⇒ Rs. 60 out of Rs. 100 is sales of female’s shirts

∴ Men’s shirts comprise (100 - 60) = 40% of the output
⇒ Rs. 40 out of Rs. 100 is the sales of male’s shirts

∴ Average profit from men’s shirt = 9% of 40 = Rs. 3.6

Overall average profit = 5% of 100 = Rs. 5

∴ Average profit from women’s shirts = 5 - 3.6
= Rs. 1.4

This is from the sale of Rs. 60

∴ The profit per rupee is 1.4 / 60 = 0.0233

68. A shopkeeper marks up his goods by 20% and then gives a discount of 20%. Besides he cheats both his supplier and customer by 100 g, i.e., he takes 100g from his supplier and sells only 900g to his customer. What is his net profit percentage? (Rounded off to two decimal points)

Correct Answer: (b) 17.33%
Solution:

Let initial CP = 100 Rs.

When the shopkeeper cheats from manufacture then he will get 110 units in the price of 100 units
Therefore, Profit % = 10/100 × 100 = 10%

So, new price = Rs. 110 Rs.

Now MP = 132
SP = 132 - 26.4 = 105.60

Now the shopkeeper cheats from the customer
If he sells 100 units then he will get a profit of 10 units

So, profit% = 10/90 × 100 = 100/90

So, new SP = (100 + 100/90) × 1/100 × 105.60
= 10/9 × 105.60 = 1056/9 = 117.33 Rs.

So, His net profit % = 17.33%

69. A trader bought 20kg of sugar at the rate of Rs. 30 per kg. He sold 30% of the total quantity at the rate of Rs. 40 per kg. At what price per kg should he sell the remaining quantity to make 15% overall profit (approx)?

Correct Answer: (d) Rs. 32
Solution:

Total quantity of sugar = 20 kg
Total CP of sugar = 20 × 30 = Rs 600

30% of Total Quantity = 30% of 20
= 30/100 × 20 = 6

SP = 6 × 40 = Rs 240

SP = 600 × 115/100 = Rs 690

SP of Remaining Quantity = 690 - 240 = Rs 450

Remaining Quantity = 20 - 6 = 14 kg

Sugar per Kg = 450/14 = Rs. 32.14

70. Preethi buys two books for a total cost of Rs. 300. By selling one book for 2/5 of its cost and the other for 5/2 of its cost, she makes a profit of Rs. 48 on the whole transaction. The cost of the lower priced book is (approx)?

Correct Answer: (b) Rs. 261.72
Solution:

CP of 1st book = x
CP of 2nd book = 300 - x

SP of 1st book = 2x/5
SP of 2nd book = (300 - x) × 5/2

Profit = SP - CP

48 = [2x/5 + (300 - x)5/2] - 300

48 = 2x/5 + 1500/2 - 5x/2 - 300

48 = (21x/2) + 750 - 300

21x/2 = 450 - 48

21x/2 = 402

x = 804/21

x = 38.28

CP of other book = 300 - 38.28
= 261.72 Rs.