BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 3

Total Questions: 70

21. Lakshya purchased a tap for Rs. ____ which is Rs. 2000 less than the amount paid by Vivek for a jar. Lakshya marked his article ____% above its cost price and then sold it at a discount of 20%. Vivek sold the jar at a loss of 20% such that difference between their selling prices is Rs. ____.

The values given in which of the following options will fill the blanks in the same order in which is it given to make the statement true:

I. 1500, 20, 1360
II. 800, 75, 1120
III. 1000, 25, 1400

Correct Answer: (d) All I, II and III
Solution:

Cost price of tap = Rs. 1500
Cost price of jar = 1500 + 2000 = Rs. 3500

Selling price of jar = 0.8 × 3500 = 2800
Selling price of tap = 1.2 × 0.8 × 1500 = Rs. 1440

Required difference = 2800 - 1440 = Rs. 1360

Therefore, I is true.

For II:
Cost price of tap = Rs. 800
Cost price of jar = 800 + 2000 = Rs. 2800

Selling price of jar = 0.8 × 2800 = 2240
Selling price of tap = 1.75 × 0.8 × 800 = Rs. 1120
Required difference = 2240 - 1120 = Rs. 1120
Therefore, II is true.

For III:
Cost price of tap = Rs. 1000
Cost price of jar = 1000 + 2000 = Rs. 3000
Selling price of jar = 0.8 × 3000 = Rs. 2400
Selling price of tap = 1.25 × 0.8 × 1000 = Rs. 1000
Required difference = 2400 - 1000 = Rs. 1400
Therefore, III is true.

22. Vishal Mega Mart has a scheme of “buy 2 shirts of same cost and get a discount of 20% on each shirt”, while Big Bazaar has a scheme of “buy 2 shirts and get a 15% discount on the shirt which costs more out of the two”. Find the overall discount percentage, if a man bought 2 shirts of marked price Rs. 1500 each from Vishal Mega Mart and 2 shirts from Big Bazaar of marked price Rs. 1220 and Rs. 1800. [Assume Big Bazaar sells the lower priced shirt at its marked price]

Correct Answer: (d) 14.5%
Solution:

Total marked price of both shirts from Vishal Mega Mart = 1500 × 2 = Rs. 3000
Total marked price of both shirts from Big Bazaar = 1220 + 1800 = Rs. 3020

Selling price of both shirts from Vishal Mega Mart
= 0.8 × 3000 = Rs. 2400

Selling price of both shirts from Big Bazaar
= 0.85 × 1000 + 1220 = Rs. 2750

Total marked price of all shirts = 3000 + 3020
= Rs. 6020

Total selling price of all shirts = 2400 + 2750
= Rs. 5150

Overall discount percentage
= {(6020 - 5150)/6020} × 100 ≈ 14.5%

23. A shopkeeper bought 40 articles at Rs. 8.5 each. He sold half of them at 20% profit and half of the remaining at 40% profit. If 40% of the remaining articles were destroyed, then find the price at which he should sell the remaining articles so as to earn overall profit of 40%.

Correct Answer: (a) Rs. 25.5
Solution:

Total cost price of = 8.5 × 40 = Rs. 340
Desired selling price = 340 × 1.40 = Rs. 476

ATQ:
Selling price of first 20 articles sold = 20 × 1.20 × 8.5 = Rs. 204

50% of the remaining articles = 0.5 × (40 - 20)
= 10 articles

Selling price of next 10 articles = 10 × 1.40 × 8.5
= Rs. 119

Number of articles destroyed = 10 × 0.40 = 4
So, remaining articles = 10 - 4 = 6

Selling price of each of the next 6 articles = (476 - 204 - 119) ÷ 6 = Rs. 25.5

24. The cost price of article ‘B’ is Rs. 180 more than that of article ‘A’. The selling price of article ‘B’ when sold at loss of 25% is Rs. 60 more than that of article ‘A’ which is sold at loss of 20%. If articles ‘A’ and ‘B’ had been sold at profit of 16% and loss of 10%, respectively, then what would have been the overall profit/loss in the transaction?

Correct Answer: (b) Rs. 72 profit
Solution:

Let the cost price of article ‘A’ = Rs. ‘100y’
Then, cost price of article ‘B’ = Rs. (100y + 180)

According to the question,
{(100y + 180) × 0.75} - (100y × 0.80) = 60

Or, 75y + 135 - 80y = 60
So, 5y = 135 - 60 = 75
So, y = (75/5) = 15

Therefore, cost price of articles ‘A’ and ‘B’ is Rs. 1500 and Rs. 1680, respectively.

Profit earned on selling article ‘A’ = 1500 × 0.16
= Rs. 240

Loss incurred on selling article ‘B’ = 1680 × 0.1
= Rs. 168

So, overall profit = 240 - 168 = Rs. 72

25. Article ‘A’ having cost price of Rs. 350 is marked ‘x%’ above its cost price and sold after offering a discount of 25%. Article ‘B’ having cost price of Rs. 375 is marked 20% above its cost price and sold after offering a discount of 16%. The selling price of articles ‘A’ and ‘B’ are same. What is the profit earned on selling article ‘A’?

Correct Answer: (d) Rs. ((x/2) + 6)
Solution:

Selling price of article ‘B’ = 375 × 1.2 × 0.84 = Rs. 378 = selling price of article ‘A’

So, marked price of article ‘A’ = 378 ÷ 0.75
= Rs. 504

So, x = {(504 - 350) ÷ 350} × 100 = 44

Profit earned on selling article ‘A’ = 378 - 350
= Rs. 28

Since, (x/2) + 6 = (44/2) + 6 = 22 + 6 = 28

26. A shopkeeper marked an article 40% above the cost price and sold it for Rs. 8400 after offering a discount of 20% such that profit earned by him is ‘P%’. Find the selling price of the article if the shopkeeper wants to earn a profit of (P + 10)%.

Correct Answer: (a) Rs. 9,150
Solution:

Let cost price of the article = Rs. ‘x’
Marked price of the article = 1.40 × x = Rs. ‘1.4x’
Selling price of the article = 0.80 × 1.4x = Rs. ‘1.12x’

ATQ:
1.12x = 8,400
So, x = 7,500

Therefore, cost price of the article = Rs. 7,500

Profit percentage = {(1.12x - x)/x} × 100 = 12%

So, P = 12
P + 10 = 12 + 10 = 22

Therefore, new selling price = 1.22 × 7500
= Rs. 9,150

27. An article with cost price of Rs. 1,250 is marked 36% above its cost price and sold for a loss of Rs. 26 when sold after offering two successive discounts of 20% and ‘x%’, respectively. What should be the selling price of the article if it is sold for a profit of (x + 2)%?

Correct Answer: (a) Rs. 1,400
Solution:

Marked price of the article = 1250 × 1.36
= Rs. 1,700

Selling price after 1st discount = 1700 × 0.80
= Rs. 1,360

Selling price after 2nd discount = 1250 - 26
= Rs. 1,224

So, x = {(1360 - 1224) ÷ 1360} × 100 = 10

So, desired selling price = 1250 × (100 + 10 + 2) ÷ 100
= 1250 × 1.12 = Rs. 1,400

28. A shopkeeper earned a profit of 25% after selling an article at a discount of (100/6)%. If the marked price of the article is 80% more than its manufacturing cost, then find the percentage by which cost price of the article is more/less than its manufacturing cost. (Note: cost price = manufacturing cost + miscellaneous costs)

Correct Answer: (c) 20%
Solution:

Let the manufacturing cost of the article be Rs. ‘200x’
So, marked price of the article = 200x × 1.80
= Rs. ‘360x’

Selling price of the article = 360x × {1 - (100/600)} = Rs. ‘300x’

So, cost price of the article = 300x ÷ 1.25 = Rs. ‘240x’

So, required percentage = {(240x - 200x)/200x} × 100 = 20%

29. Varun bought two articles i.e. ‘A’ and ‘B’. Cost price of article ‘B’ is Rs. 5,000 less than that of article ‘A’. He marked article ‘A’ and article ‘B’ at 22% above and 44% above their respective cost prices. He offered a discount of 12% on article ‘B’ and discount of 28% on article ‘A’. Find cost price of article ‘A’, if selling price of article ‘A’ is Rs. 1,476 more than that of article ‘B’.

Correct Answer: (b) Rs. 12,500
Solution:

Let the cost price of article ‘A’ be Rs. ‘100x’
So, cost price of article ‘B’ = Rs. (100x - 5000)

Marked price of article ‘A’ = 100x + (100x × 0.22)
= Rs. ‘122x’

Marked price of article ‘B’ = (100x - 5000) + (100x - 5000) × 0.44 = Rs. (144x - 7200)

Selling price of article ‘A’ = 122x - 122x × 0.28
= Rs. ‘87.84x’

Selling price of article ‘B’ = (144x - 7200) - (144x - 7200) × 0.12 = Rs. (126.72x - 6336)

According to question,
87.84x - 126.72x + 6336 = 1476

Or, 38.88x = 4860
Or, x = 125

Cost price of article ‘A’ = 100x = 100 × 125
= Rs. 12,500

30. The selling price of an article when it is sold at a profit of 15% is Rs. 518 more than its selling price when it is sold at a loss of 22%. If the same article is marked ___ above its cost price and sold after offering a discount of ___, then its selling price would be Rs. 1,680.

The values given in which among the given options will fill the blanks in the same order so as to make the statement true.
I. 50%, 20%
II. Rs. 350, 4%
III. 30%, Rs. 200

Correct Answer: (b) Only I and II
Solution:

Let the cost price of the article = Rs. ‘100y’

ATQ:
100y × 1.15 - 100y × 0.78 = 518

115y - 78y = 518
37y = 518
y = (518/37) = 14

So, cost price of the article = 100y = Rs. 1,400

From I:
Marked price of the article = 1400 × 1.5
= Rs. 2,100
Selling price of the article = 2100 × 0.8 = Rs. 1,680
So, option I is true.

From II:
Marked price of the article = 1400 + 350
= Rs. 1,750
Selling price of the article = 1750 × 0.96
= Rs. 1,680
So, option II is true.

From III:
Marked price of the article = 1400 × 1.3
= Rs. 1,820
Selling price of the article = 1820 - 200 = Rs. 1,620 ≠ 1680
So, option III is false.