Question

Elan Musk, CEO of Tesla Motors, marked his spacecrafts at 60% above the cost price of $ 9,423,650. He sold half of the stock at marked price, one quarter at a discount of 40% on the marked price and the rest at a discount of 50% on the marked price. Find his total gain%.

1. 22%
2. 23%
3. 24%
4. 26%

Answer 1

Correct Answer - Option 3 : 24%

Given∶

C.P. of his spacecrafts = $ 9,423,650

Marked price is 60% above the cost price

He sold half of the stock at marked price, one quarter at  a discount of 40% on the marked price.

Rest at a discount of 50% on the marked price.

Formula Used∶

Profit = S.P. - C.P.

Profit% = (Profit/C.P.) × 100

Calculation∶

In this case, gain% does not depend upon the actual value of cost price.

So, Let the cost price, C.P. of 1 spacecraft be 100

Then, M.P. of 1 spacecraft = 160

Let there be 100 spacecrafts then total C.P. = 10,000

A.T.Q.,

He sells 50 spacecrafts at 160 each = 50 × 160= 8000

He sells 25 spacecrafts at 96 each = 25 × 96 = 2400

He sells 25 spacecrafts at 80 each = 25 × 80 = 2000

So, total S.P. = 8000 + 2400 + 2000 = 12,400

Profit = S.P. - C.P. = 12,400 - 10,000 = 2400

Profit% = (2400/10000) × 100 = 24%

∴ His total gain% is of 24%.