Aptitude - Profit and Loss - Discussion
Discussion Forum : Profit and Loss - Data Sufficiency 3 (Q.No. 1)
Directions to Solve
Each of the questions given below consists of a question followed by three statements. You have to study the question and the statements and decide which of the statement(s) is/are necessary to answer the question.
1.
By selling an article what is the profit percent gained? | |
I. | 5% discount is given on list price. |
II. | If discount is not given, 20% profit is gained. |
III. | The cost price of the articles is Rs. 5000. |
Answer: Option
Explanation:
I. Let the list price be Rs. x.
| Then, S.P. = 95% of Rs. x = Rs. |  |
x x | 95 |  |
= Rs. | 19x |
| 100 | 20 |
II. When S.P. = Rs. x and gain = 20%.
| Then, C.P. = Rs. | |
100 | x x | |
= Rs. | 5x |
| 120 | 6 |
 Gain = |
|
19x | - | 5x | |
= | |
57x - 50x | |
= | 7x |
| 20 | 6 | 60 | 60 |
| Gain % = |
|
7x | x | 6 | x 100 | % = 14%. |
| 60 | 5x |
Thus, I and II only give the answer.
Correct answer is (A).
Discussion:
27 comments Page 2 of 3.
Satya said:
9 years ago
What is the difference between selling price and cost price?
Mant said:
9 years ago
sp = 120percent of 5000 = 6000.
Gain = (6000 - 5000) * 100/5000 = 20percent.
Gain = (6000 - 5000) * 100/5000 = 20percent.
Ravi Kotecha said:
9 years ago
Here we assuming initial gain of 100% and then we are taking increased gain of 120%. But if we will take any unknown gain of R%, then all statement must required.
Sandy said:
9 years ago
Yes, Exactly Zahana. MRP is nothing but the list price.
Santhiya said:
9 years ago
@Sandy very much thanks. I'm more confused. Now my mind is happy with the solution.
Zahana said:
9 years ago
Ok. Then you are mean to say MRP is nothing but the list price. Am I right?
Femi Philip said:
9 years ago
The solution and explanation is awesome. Even kinder-garden kids could able to understand ;-P.
Sandy said:
9 years ago
In the question, Actually we want to find the profit %, if an article was sold by giving 5% discount on the list price.
List price is differ from cost price.
For Eg: If a mobile store bought a mobile for 5000rs from manufacturer company, but MRP printed on the mobile would be 7000Rs. They will sold the mobile by giving 5% discount on the MRP.
So MRP--> list price.
Sol:
Assume List price = MRP = Rs X.
if he sold by giving discount 5%,
then S.P = (100-5)% of X.
= 95% X.
S.P = 19/20 X.
So if he sell an article for rs (19/20)X, what would be the profit he gained? is the question.
To find the profit, we need Cost price of the article.
Here we can't take the CP from the 3rd sentence as Rs. 5000, because from this we cant able to find the profit.
Profit = (19/20)X-5000 = unpredictable.
So we want to go with the 2nd sentence.
If in a case, if the seller sell the article without giving any discount on the list price(MRP) and he will get 20% gain more than the cost price.
Then S.P = MRP = Rs X.
Since he got 20% gain more than the cost price.
S.P = 1.2 C.P.
=> C.P = Rs (5/6)S.P = Rs (5/6)X.
Which gives the actual cost price of the article.
Profit = S.P - C.P.
= (19/20)X - (5/6)X.
= (7/60)X.
Gain % = (Profit/C.P)*100.
= 14% (by solving).
So 1st and 2nd sentences gives us the answer.
We can't take 2 and 3, because it gives the same profit % as 20% which is not our answer.
And even though we want calculate the profit % by taking the 1st sentence because that is the question.
List price is differ from cost price.
For Eg: If a mobile store bought a mobile for 5000rs from manufacturer company, but MRP printed on the mobile would be 7000Rs. They will sold the mobile by giving 5% discount on the MRP.
So MRP--> list price.
Sol:
Assume List price = MRP = Rs X.
if he sold by giving discount 5%,
then S.P = (100-5)% of X.
= 95% X.
S.P = 19/20 X.
So if he sell an article for rs (19/20)X, what would be the profit he gained? is the question.
To find the profit, we need Cost price of the article.
Here we can't take the CP from the 3rd sentence as Rs. 5000, because from this we cant able to find the profit.
Profit = (19/20)X-5000 = unpredictable.
So we want to go with the 2nd sentence.
If in a case, if the seller sell the article without giving any discount on the list price(MRP) and he will get 20% gain more than the cost price.
Then S.P = MRP = Rs X.
Since he got 20% gain more than the cost price.
S.P = 1.2 C.P.
=> C.P = Rs (5/6)S.P = Rs (5/6)X.
Which gives the actual cost price of the article.
Profit = S.P - C.P.
= (19/20)X - (5/6)X.
= (7/60)X.
Gain % = (Profit/C.P)*100.
= 14% (by solving).
So 1st and 2nd sentences gives us the answer.
We can't take 2 and 3, because it gives the same profit % as 20% which is not our answer.
And even though we want calculate the profit % by taking the 1st sentence because that is the question.
(6)
Puneet said:
10 years ago
Why not 2 and 3 true please explain?
Sasi said:
1 decade ago
Why not third statement is true please explain?
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