Question
Download Solution PDFAn item marked at ₹275 is sold at a discount of 5%. The seller still makes a profit of 4.5%. How much did he pay for it?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Marked Price (MP) = ₹275
Discount = 5%
Profit = 4.5%
Formula used:
Selling Price (SP) = MP - (Discount% of MP)
Cost Price (CP) = SP / (1 + Profit%)
Calculation:
SP = 275 - (5% of 275)
⇒ SP = 275 - (0.05 × 275)
⇒ SP = 275 - 13.75
⇒ SP = 261.25
CP = SP / (1 + 0.045)
⇒ CP = 261.25 / 1.045
⇒ CP = 250
∴ The correct answer is option 2.
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