Question

Dinesh calculates his profit percentage on the cost price whereas Mahesh calculates his profit percentage on the selling price. They find that the difference in their profits is Rs. 200. If the selling price of both of them are the same and both of them get 20% profit, find their selling price.

1. 8000
2. 7000
3. 4000
4. 6000
5. None of these

Answer 1

Correct Answer - Option 4 : 6000

Given:

Difference between their profits = 200

Profit gain by Mahesh and Dinesh both = 20%

Formula used:

Gain or loss percent = (Loss or gain/Cost price) × 100

Concept used:

Profit = Selling Price – Cost Price

Loss = Cost Price – Selling Price

Calculation:

Let the selling price for both of them be Rs. x.

Cost price of Dinesh = x × {(100 - 20)/100}

⇒ x × {80/100}

⇒ 4x/5

Cost price of Mahesh = x × {100/(100 +20)}

⇒ x × {100/120}

⇒ 5x/6

Dinesh’s profit = x – (4x/5)

⇒ x/5

Mahesh’s profit = x – (5x/6)

⇒ x/6

Difference of their profits = (x/5) – (x/6) = 200

⇒ x/30 = 200

⇒ x = 6000

∴ The selling price for both of them is Rs. 6000.