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The marked price of an article is Rs. 840. A shopkeeper gives a discount of 15% on the marked price and still makes a profit of 19%. What is the cost price of the article?
1. Rs. 600
2. Rs. 640
3. Rs. 540
4. Rs. 580

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Correct Answer - Option 1 : Rs. 600

Given:

MP of the article = Rs 840

Discount, (D) = 15%

Profit, (P) = 19%

Formula used:

Selling price, (SP) = Marked price × (100 – D%)/100

Cost price, (CP) = (Selling price × 100)/(100 + P%)

Concept used:

The discount is given on the marked price

Calculation:

SP = Marked price × (100 – D%)/100

⇒ 840 × (100 - 15)/100

⇒ 840 × (85)/100

⇒ 714

Now, CP = (Selling price × 100)/(100 + P%)

⇒ (714 × 100)/(100 + 19)

⇒ (714 × 100)/(119)

⇒ 600

∴ The cost price of the article is Rs 600

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