BANK & INSURANCE (PROFIT LOSS AND DISCOUNT) PART 3

Total Questions: 70

61. The ratio of the cost price of product A to that of B is 5:7. product A was sold at a profit of 80% and product B was sold at a profit of 20%. If the total profit earned after selling both the (products A and B is Rs 296) what is the difference between the cost prices of product A and B?

Correct Answer: (b) 110
Solution:CP of product A = 5X
CP of product B = 7x
Total price = (5x × 0.8) + (7x × 0.2) = 296
4x + 1.4x = 296
5.4x = 296
x = 54.81 = 55 (approx.)
Difference of the CP = 7x − 5x = 2x = 2 × 55 = Rs. 110

62. Femina is the famous magazine in India. In that company there is a pack of Rs. 150. If 2/3 part of magazine is sold at 60% profit, 1/4 part at 32% profit and remaining part at 24% profit and then find the cost price of the magazine?

Correct Answer: (a) 300
Solution:

S1 = 2/3 P1 = 60%
S2 = 1/4, P2 = 32%
S3 = 1 − [2/3 + 1/4] = 1/12, P3 = 24%
total profit = Rs 150

CP of an entire magazine = (total profit × 100)/(S1 × P1 + S2 × P2 + S3 × P3)

CP of an entire magazine
= (150 × 100)/(2/3 × 60 + 1/4 × 32 + 1/12 × 24)
= 15000/(40 + 8 + 2)
= 15000/50 = Rs. 300

63. Rahim is dealer of magnetic components. He imports the components from Russia. Rahim sells a radio valve at profit of 20%. If he bought it at 20% less and sold it for Rs 5 less than the previous selling price, he would have gained 25%. Find the cost price?

Correct Answer: (a) 25
Solution:let CP = Rs 100 then SP = 120
New CP = Rs. 80 then New SP = 80 × 125/100
= 100 from question,
Rs 120 − Rs 100 = Rs 20 is equivalent to Rs 5
Rs 100 is equivalent to Rs 25
CP = Rs 25

64. An intern was paid a stipend of Rs. 1,792 for a period of 30 days calculated on daily basis. During this period, he was absent for 4 days and was fined Rs. 12 per day for absence. He was given full amount for only 20 days as he was late for the rest of the days and he got only half of the amount on the late days. Had the intern come on time every day, not being absent on any day, what stipend he would have been received?

Correct Answer: (c) Rs. 2,400
Solution:Let the stipend per day of the intern be Rs. x.
He came late for 30 − (20 + 4) = 6 days
Then,
20x + 6x/2 − 12 × 4 = 1,792
23x = 1840
x = 80
Total stipend for the month = 80 × 30 = Rs. 2,400

65. In a job fair, 50% of the people are graduates, one fifth of them are post graduates and rest is double graduates. If three-fourth of the graduates, 60% of the post graduates and half of the double graduates are unemployed, what percentage of total people is already employed?

Correct Answer: (a) 35.5%
Solution:

Let the total number of people be x
According to the question

Number of graduates = (1/2) x

Number of post graduates = (1/5) x

Number of double graduates = x − (1/2)x − (1/5)x
= (3/10)x

Number of graduates who are unemployed
= (1/4) × (1/2)x = (1/8)x

Number of post graduates who are unemployed
= (3/5) × (1/5)x = (3/25)x

Number of double double graduates who are unemployed
= (1/2) (1/10)x = (3/20)x

Total number of people who are employed
= x − (3/8)x − (3/25)x − (3/20)x = (71/200)x

The percentage of people who are employed
= (71x/200) × 100 = 35.5%

66. What is the approximate percentage difference between the cost price of the cell phone and the clock, given that the cost price of the cell phone is 20% less than the cost price of the desktop after allowing two successive discounts of 25% and 20% respectively, and the cost price of the watch is 30% less than the cost price of the desktop after allowing two successive discounts of 20% and 20% respectively?

Correct Answer: (b) 7%
Solution:

Cost price of desktop = 100x
After two successive discount
= 100x × 75/100 × 80/100 = 60x

Cost price of phone = 60x × 80/100 = 48x

After two successive discount
= 100x × 80/100 × 80/100 = 64x

Cost price of clock = 64x × 70/100 = 44.8x

Required percentage = (48x − 44.8x)/44.8x × 100
= 7%

67. If an article is marked at a% above the cost price and then sold after two successive discounts of 25% and 20%, and the shopkeeper makes a profit of 20%, then what is the cost price of the article if its selling price is Rs. 114a?

Correct Answer: (a) Rs. 9500
Solution:

Let the cost price of the article be Rs. b.
Selling price of the article = Rs. 1.20b
Marked price of the article = 1.20b/(0.75 × 0.80)
= Rs. 2.0b

So the value of ‘a’ % = (2.0b − b)/b × 100 = 100%
so, b = 100

Selling price of the article = 114 × 100 = Rs. 11400

Cost price of the article = 11400/1.20b × b
= Rs. 9,500

68. A car ‘X’ is manufactured in a company ‘A’. Cost of raw material on a car is 25% of total cost and cost of labor is 20% of rest. 30% of total cost occur due to four engineers working there and remaining cost is due to machines and taxes which is in the ratio 7 : 3. Company sold the car ‘X’ at 28% profit. If cost of raw material is increased by 30% and all their 4 engineers leave the company, so they hire 2 new engineers by giving 50% more salary as they give to previous engineer each. Find the % change in selling price so overall profit must remain same?

Correct Answer: (a) 0%
Solution:

Let total cost of car X = 100x
Cost of raw material = 25x
Cost of labour = ((100x − 25x) × 20)/100 = 15x
Cost of engineer = 30x

New cost of raw material = (25x × 13)/100
= 32.5x

Now cost of each engineer = (30x/4) = 7.5x
Cost on new engineer = 2 × 7.5x × (150/100)
= 22.5

So, new CP = 100x + 7.5x − 7.5x = 100x
So, % change in S.P = 0%

69. Two friends Shayam and Kailash own two versions of a car. Shayam owns the diesel version of the car, while Kailash owns the petrol version. Kailash's car gives an average that is 20% higher than Shayam's (in terms of liters per kilometer). It is known that petrol costs 60% of its price higher than diesel) The ratio of the cost per kilometer of Kailash's car to Shayam's car is?

Correct Answer: (a) 3 : 1
Solution:

Given that Kailash car’s average (in term of liters per kilometer is 20% higher the Shyam is car)
Let Kailash car takes x liters of petrol per kilometer then Shyam car will take 5/6 x liters of diesel per kilometer

Also, Cost price/liter of petrol = cost price/liter of diesel + 60% of cost price/liter of petrol.
(CP per liter petrol)/(CP per liter of diesel) = 5/2

Required ratio = (Cost per kilometer of Kailash car)/(Cost per kilometer of shyam’s car)
= (x × 5)/((5/6)x × 2) = 3:1

70. Two friends Shayam and Kailash own two versions of a car. Shayam owns the diesel version of the car, while Kailash owns the petrol version. Kailash's car gives an average that is 20% higher than Shayam's (in terms of liters per kilometer). It is known that petrol costs 60% of its price higher than diesel) If Shayam's car gives an average of 20 km per liter and diesel costs Rs. 12.5 per liter, then the difference in the cost of travel per kilometer between the two cars is?

Correct Answer: (e) Rs. 1
Solution:

Shyam’s car gives 20 km/liter means, it takes 0.05 liters of diesel per kilometer
(5/6)x = 0.05
x = 0.06 liter/km for kailash car

Cost price per liter of diesel = 12.5 Rs/L
So, cost price per liter of petrol = (12.5/2) × 5
= 31.25 Rs/L

Required difference = 0.6 × 31.25 − 0.05 × 12.5
= 1