Question: Profit earned by selling an article at 1060 is 20 % more than the loss incurred by selling the article for Rs. 950. Find the cost price of the article.
- Rs 975
- Rs. 1000
- Rs. 1020
- Rs. 1040
- Rs. 1050
Correct Answer: (B)
Solutions and Explanation
Approach Solution 1 :
The profit can be calculated as, SP - CP
The loss can be calculated as, CP - SP
With the given information, we can evaluate as follows.
Profit = [(120) / (100) ] * Loss
=> 1060−CP = 1.2(CP−950)
=> 1060−CP = 1.2CP−1140
=> 2200 = 2.2CP
=> 1000 = CP
Therefore, 1000 is the cost price of the article
Approach Solution 2 :
Consider the price of the article as x.
Now we can write that 1060-x = 20%+cos
cos = x-950
20% = (x-950) / 5
Therefore 1060 - x = [(x-950)] / 5 + (x-950)
=> 1060 - x = (6/5) * (x-950)
=> 5300−5x = 6x−5700
=> 11x = 11000
As a result, x which is the cost price of the article is 1000.
“Profit earned by selling an article at 1060 is 20 % more than the loss” - is a subject that the GMAT quantitative reasoning section covers. A school needs to be proficient in a variety of qualitative skills to answer the GMAT Problem Solving questions correctly. There are 31 questions in the GMAT Quant section as a whole. The GMAT Quant topics' problem-solving section calls for the resolution of calculative mathematical puzzles.
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