Discount problems
- 1. A shopkeeper allows 23% commission on his advertised price and still makes a profit of 10%. If he gains ? 56 on one item, his advertised price of the item (in ?) is
Options- A. 820
- B. 780
- C. 790
- D. 800 Discuss
Correct Answer: 800
Explanation:
Advertised price of the item = ? N
? Commission on advertised price of the article = ? (N x 23)/100
Price after commission = N - (23N/100) = ? 77N/100
? CP of the item = [(77N/100) x 100]/(100 + 10) = 77N/110 = ? 7N/10
Profit = 77N/100 - 7N/10 = ? 7N/100
? 56 = 7N/100
? N = (56 x 100)/7 = ? 800
- 2. A shopkeeper allows a discount of 4% on his article. If cost price of the article is ? 100 and he wants to get a profit of 20%. Then, its marked price will be
Options- A. ? 96
- B. ? 120
- C. ? 125
- D. ? 130 Discuss
Correct Answer: ? 125
Explanation:
? Cost price of article = ? 100
? Selling price of the article for 20% profit
= 100 x (100 + 20)/100 = ? 120
Hence, marked price of the article for 4% discount
= 120 x 100/(100 - 4)
= 120 x 100/96
= ? 125
- 3. A merchant purchases a wrist watch for ? 450 and fixes its list price in such a way that after allowing a discount of 10%, he earns a profit of 20%. Then, the list price of the watch is
Options- A. ? 600
- B. ? 650
- C. ? 700
- D. ? 550 Discuss
Correct Answer: ? 600
Explanation:
CP of watch = ? 450
SP of watch = 450 x [(100 + 20)/100] = ? 540
? List price of watch = (540 x 100) / (100 - 10) = ? 600
- 4. In order that there may be a profit of 20% after allowing a discount of 10% on the marked price, the cost price of an article has to be increased by
Options- A. 30%
- B. 33%
- C. 331/3%
- D. 332/3% Discuss
Correct Answer: 331/3%
Explanation:
Let MP = ? N
? SP = N x (100 - 10)/100 = ? 9N/10
? CP = (9N/10) x [100/(100 + 20)] = ? 3N/4
Thus, CP has to be increased by = [(N - 3N/4) / (3N/4)] x 100%
= [(N/4) / (3N/4)] x 100 %
= 331/3 %
- 5. The cost price of an article is 64% of the marked price. The gain percentage after allowing a discount of 12% on the marked price is
Options- A. 37 .5%
- B. 48%
- C. 50.5%
- D. 52% Discuss
Correct Answer: 37 .5%
Explanation:
Let MP of the article = ? N
? C P of the article = (N x 64) / 100 = ? 16N/25
And SP of the article = [N x (100 - 12)]/100 = ? (N x 22)/25
? profit = [ 22N/25 - 16N/25 ] = ? 6N/25
Hence, profit per cent = [(6N/25) / (16N/25)] x 100%
= (6 x 100)/16 = 37.5%
- 6. If a commission of 10% is given on the written price of an article, the gain is 20%. The gain per cent, when the commission is increased to 20%, will be?
Options- A. 62/3%
- B. 5%
- C. 8%
- D. 51/3% Discuss
Correct Answer: 62/3%
Explanation:
Let MP of the article = ? N
? SP of the article = N x (100 - 10)/100 = ? 9N/10
? CP of the article = [(9N/10) x 100]/(100 + 20)
= (9N x 10)/120
= ? 3N/4
Now, new SP of the article = [N x (100 - 20)]/100 = ? 4N/5
New profit = 4N/5 - 3N/4 = (16N - 15N)/20 = ? N/20
Hence, profit per cent = [(N/20) / (3N/4)] x 100 %
= (4 x 100)/(3 x 20) %
= 62/3%
- 7. If the discount on a certain sum in 2 years at a certain rate is $ 150 and the interest in 3 years is $ 240. Find the sum and the rate of interest.
Options- A. $ 2400, 3 1 % 3
- B. $ 2400, 4 1 % 3
- C. $ 2200, 5 1 % 3
- D. $ 2000, 3 1 % 3 Discuss
Correct Answer: $ 2400, 3 1 % 3
Explanation:
- 8. A bill which being due at the end of 4 years is now worth $ 575, but if it is due in 2 years 6 months, it would now be worth $ 620. The sum of the bill is :
Options- A. $ 695
- B. $ 725
- C. $ 713
- D. None of these Discuss
Correct Answer: $ 713
Explanation:
- 9. Find the present worth ( P.W.) and the true discount reckoning 6 % per annum simple interest of $ 176 due in 20 months time.
Options- A. $ 160, $ 16
- B. $ 130, $ 46
- C. $ 150, $ 26
- D. None of these Discuss
Correct Answer: $ 160, $ 16
Explanation:
- 10. The discount on $ 5229 due in 1 year 9 months reckoning compound interest at 5 % is :
Options- A. $ 429.00
- B. $ 415.00
- C. $ 393.25
- D. None of these Discuss
Correct Answer: $ 429.00
Explanation:
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