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Q10 (IAS/2002) Economy › Basic Concepts & National Income › Percentages and profit-loss Answer Verified

A trader fixed the price of an article in such a way that by giving a rebate of 10% on the price fixed he made a profit of 15%. If the cost of the article is Rs 72, the price fixed on it is

Result
Your answer: —  Â·  Correct: C
Explanation

Profit formula gives selling price (SP) as cost price (CP) plus profit. With a 15% profit on CP = Rs 72, SP = 72 × (1 + 15/100) = 72 × 1.15 = Rs 82.80. A rebate (discount) of 10% on the marked/price fixed (MP) means SP = MP × (1 − 10/100) = 0.90 × MP, i.e. SP = (90/100)·MP. Therefore MP = SP / 0.90 = 82.80 / 0.90 = Rs 92.00. Hence the correct choice is option 3 (Rs 92.00).

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