BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 3

Total Questions: 70

41. P, Q and R have 120 mangoes in total. P give 37.5% of his mangoes to Q and R such that now he has equal number of mangoes as Q and R together have. After that Q give same % of mangoes to R, after which Q and R have equal number of mangoes. How many mangoes Q gives to R?

Correct Answer: (a) 18
Solution:

Let P, Q and R have initially x, y & z mangoes

After giving 37.5% mangoes P have 50% of total mangoes i.e 60
(x × 5)/8 = 60
x = 96

So, z + y = 120 - 96 = 24

Now, Q & R got some mangoes
So, let Q & R now have s & t mangoes

ATQ
(5/8) × s = 30
s = 48

t + s = 60
t = 12

Q gives 48 - 30 = 18 mangoes to R such that they both got equal number of mangoes

42. A shopkeeper has some mangoes. A customer came and take some mangoes which is 2 more than the number of mangoes shopkeeper left with. In the same process shopkeeper sale mangoes such that he does not have any mango for 7th customer. Find the initial number of mangoes which he has?

Correct Answer: (a) 24
Solution:

7th customer go empty handed
He have => 0 mango

For 6th customer he have => 0 + 2 = 2 mangoes
For 5th customer = (4 + 2) = 6 mangoes
For 4th customer = (8 + 6) = 14 mangoes
For 3rd customer = (16 + 14) = 30 mangoes
For 2nd customer = (32 + 30) = 62 mangoes
For 1st customer = (64 + 62) = 126 mangoes

43. Direction (43-44): study the following carefully and answer accordingly:

In an island of the Maldives, the natives have a peculiar process of determining their average earnings and expenditures. According to an old tradition, the average monthly earnings had to be calculated on the basis of 14 months in the calendar year, while the average monthly expenditure was to be calculated on the basis of 9 months in the year. This weird system of calculation always resulted in the natives underestimating their savings because there occurs an underestimation of their earning. The expenditure per month gets overestimated. Now keeping the above points in view try to answer the below questions:

Ques. Mr. Ghosh comes to his native island from Africa and makes his native community comprising of 173 families to calculate their average earning and the average expenditure on the basis of 12 months per calendar year. The average estimated earning in his community according to the old system is 77 fasios per month. Assuming there are no other changes, what will be the percentage change in savings of the 173 families?

Correct Answer: (e) Cannot be determined
Solution:

Average Monthly earning (old system) = 77
So, Total Income of 173 families/14 = 77
So, Total Income of 173 families = 77 × 14

Now,
Average Monthly earning of 173 families (new system)
Total Income/12 = 77 × 14/12 = 89.83 fasios

But, we do not know the average monthly expenditure in either system.
Nor do we know the savings.

So, the required answer cannot be determined.

44. In the previous question, the average estimated monthly expenditure is 21 fasios per month for the island. Determine the percentage change in the estimated savings of the 173 families.

Correct Answer: (c) 32.3% increase
Solution:

Average Monthly Income (old system) = 77
So, Total Income of 173 families/14 = 77
So, Total Income of 173 families = 77 × 14

Now, Average Monthly Income of 173 families (new system)
Total Income/12 = 77 × 14/12 = 89.83 fasios

Now, Average Monthly expenditure (old system) = 21

So Average Monthly Expenditure (new system)
= 21 × 9/12 = 15.75

Total Savings (old system) = 77 - 21 = 56
Total Savings (new system) = 89.83 - 15.75 = 74.08

%change = (74.08 - 56)/56 × 100 = 32.3%

45. A shopkeeper gave an additional 40% discount on the reduced price after giving 25% standard concession on that item, if a person bought that item for Rs.1260, what is the original price of the item?

Correct Answer: (b) Rs.2800
Solution:

Let the original price be ‘x’
The price after 1st concession of 25% = x - 25x/100 = x

⇒ x/4 = 3x/4
The Price after additional discount 40% = 3x/4 − 3x/4 × 40/100 = 30x − 12x/40 = 9x/20, i.e. 9x/20 = Rs. 1260.
∴ x = 1260 × 20 / 9 = Rs. 2800.

46. A seller wants to earn 12% profit on an item after giving a 20% discount to the customer. By what percentage should he increase his marked price to arrive at the label price?

Correct Answer: (e) None of these
Solution:Let x = marked price and the CP be Rs.100.
Initial SP = Rs.112.
To give 20% discount = x − 20x/100 = Rs.112.
= x − x/5 = Rs.112, 4x = 112 × 5
x = Rs.140.
Here marked profit = Rs.40.
Percent profit = 40%

47. If articles bought at prices ranging from Rs. 150 to Rs. 300 are sold at prices ranging from Rs. 250 to Rs. 350, what is the greatest possible profit that might be made in selling 15 articles?

Correct Answer: (b) Rs. 3000
Solution:The greatest profit is possible only if the cost price of the articles is minimum and selling prices are maximum.
Let lowest cost price of the 15 articles = 150 × 15 = Rs. 2,250
Maximum selling price of 15 articles = 350 × 15 = Rs. 5,250
So, maximum profit = 5250 − 2250 = Rs. 3,000

48. Neepa blends two varieties of fruits – one costing Rs. 180 per kg and another costing Rs. 200 per kg in the ratio 5 : 3. If she sells the blended variety at Rs. 210 per kg, then her gain is?

Correct Answer: (b) 12%
Solution:Let 5 kg of cheaper be mixed with 3 kg of dearer.
Then, Total C.P. = Rs. (180 × 5 + 200 × 3)
= Rs. 1500
Total S.P. = Rs. (210 × 8) = Rs. 1680
Gain % = (180/1500 × 100)% = 12%

49. A cashew nut seller mixes three varieties of nuts costing 50, 20 and 30 per kg in the ratio 2 : 4 : 3 in terms of weight and sells the mixture at 33 per kg. What percentage of profit does he make?

Correct Answer: (b) 10%
Solution:

Let 2x, 4x and 3x kg of three varieties be mixed.
Then, C.P. = Rs. [(2x × 50) + (4x × 20) + (3x × 30)] = Rs. 270x
S.P. = Rs. [(2x + 4x + 3x) × 33] = Rs. 297x
Gain % = (27x / 270x × 100)% = 10%

50. A Seller purchased some notes from a publication worth Rs. 750. Because of some reasons, he had to sell two-fifth part of the book at a loss of 15%. On which gain he should sell his rest of the notes, so that he gets neither nor loss?

Correct Answer: (a) 10%
Solution:Here, A = 2/5, R = 15%
According to the formula
Gain % = AR/(1 − A)%
= [(2/5) × 15]/[1 − (2/5)]%
= (6 × 5)/3% = 10%