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A cycle seller gives 10% discount on marked retail and still earns 26% profit. If marked retail price of the cycle is Rs. 840/- Then how much money was paid by the seller for that cycle?
1. Rs. 600
2. Rs. 650
3. Rs. 700
4. Rs. 750

1 Answer

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Correct Answer - Option 1 : Rs. 600

Given:

A cycle seller gives 10% discount on marked retail and still earns 26% profit.

The marked retail price of the cycle is Rs. 840.

Concept used:

Selling price = Marked price × (100 - discount%)/100

Selling price = cost price × ( 100 - profit%)/100)

Calculations:

Marked price. = 840

Selling price = 840 × (100-10)/100

⇒ 756

Now we know that we get a profit of 26% by selling this article, so

Cost price (100 + 26)/100) = 756

⇒ Cost price (126/100) = 756

⇒ Cost price = 600

∴ The correct choice will be option 1.

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