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02 Apr 2020, 10:20
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
67% (02:42) correct
33%
(02:49)
wrong
based on 145
sessions
History
Date
Time
Result
Not Attempted Yet
If Bob sells 60 identical toys at a 40% discount on the printed price, then he makes 20% profit. Ten of these toys are destroyed in fire. While selling the rest, how much discount should be given on the printed price so that he can make the same amount of profit?
A. 30%
B. 28%
C. 25%
D. 24%
E. 22%
A. 30%
B. 28%
C. 25%
D. 24%
E. 22%
02 Apr 2020, 19:12
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Market Price = MP
Cost Price = CP
[(60/100 MP * 60 – 60CP)/60CP] * 100 = 20
MP = 2CP
When 10 toys are burnt in fire, then
[(x/100 *50 * MP – 60CP )/60CP] * 100 = 20
x = 72
So discount given = 100-72 = 28%
CORRECT ANSWER (B)
Cost Price = CP
[(60/100 MP * 60 – 60CP)/60CP] * 100 = 20
MP = 2CP
When 10 toys are burnt in fire, then
[(x/100 *50 * MP – 60CP )/60CP] * 100 = 20
x = 72
So discount given = 100-72 = 28%
CORRECT ANSWER (B)
03 Apr 2020, 00:53
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Let the printed price (or the marked price) of every article be $60. Upon giving a 40% discount,
Selling Price = 60% of Printed price = \(\frac{3}{5}\) * 60 = $36.
By selling a toy at $36, there is a profit of 20%. Therefore,
36 = 120% of Cost Price
36 = \(\frac{6}{5}\) * Cost Price
Therefore, Cost Price = $30.
Note that the information given in the first statement helps us determine the cost price of each toy.
Total cost price of Bob = 60 * 30 = $1800.
10 toys were destroyed, hence Bob was able to sell only 50 toys. He still wants a 20% profit, which means he wants to make a total of 120% of 1800 in revenue.
Therefore, intended total SP of 50 toys = \(\frac{6}{5}\) * 1800 = $2160.
SP of one toy = \(\frac{2160 }{ 50}\) = $ 43.2
Discount to be given = 60 – 43.2 = 16.8.
Discount percentage to be offered by Bob = \(\frac{16.8 }{ 60}\) * 100 = 28%.
The correct answer option is B.
Note that I assumed the MP of one article to be $60 because I figured out during my initial analysis of the percentage values that I needed a number that had to be divisible by 6 since 60% = \(\frac{3}{5}\) and 120% = \(\frac{6}{5}\).
Also, the discount percentage obtained for one article will be the same percentage for 50 articles as well since the articles are identical.
Hope that helps!
Selling Price = 60% of Printed price = \(\frac{3}{5}\) * 60 = $36.
By selling a toy at $36, there is a profit of 20%. Therefore,
36 = 120% of Cost Price
36 = \(\frac{6}{5}\) * Cost Price
Therefore, Cost Price = $30.
Note that the information given in the first statement helps us determine the cost price of each toy.
Total cost price of Bob = 60 * 30 = $1800.
10 toys were destroyed, hence Bob was able to sell only 50 toys. He still wants a 20% profit, which means he wants to make a total of 120% of 1800 in revenue.
Therefore, intended total SP of 50 toys = \(\frac{6}{5}\) * 1800 = $2160.
SP of one toy = \(\frac{2160 }{ 50}\) = $ 43.2
Discount to be given = 60 – 43.2 = 16.8.
Discount percentage to be offered by Bob = \(\frac{16.8 }{ 60}\) * 100 = 28%.
The correct answer option is B.
Note that I assumed the MP of one article to be $60 because I figured out during my initial analysis of the percentage values that I needed a number that had to be divisible by 6 since 60% = \(\frac{3}{5}\) and 120% = \(\frac{6}{5}\).
Also, the discount percentage obtained for one article will be the same percentage for 50 articles as well since the articles are identical.
Hope that helps!
