Question

A miner sells a diamond to a trader at a profit of 40% and the trader sells it to a customer at a pr...​

Answer 1

Answer:

≅Rs 28 Lakhs

Step-by-step explanation:

A miner sells a diamond to a trader at a profit of 40% and the trader sells it to a customer at a profit of 25%. If the customer pays Rs 56 Lakhs to buy the diamond, what had it cost the miner?

Let the C.P of the diamond for the miner = x

So, The S.P of the diamond for the miner = x + 40% of x

                                                                = x + (40/100) x x

                                                                = 140x/100

So, the C.P of the diamond for the trader = x + 40% of x

                                                                 = 140x/100

The S.P of the diamond for the trader = (x + 40% of x) + 25 % of (x + 40% of x)

= 140x/100  + 25 % of 140x/100

= 140x/100 + (25/100) x (140x/100)

The C.P of the diamond for the customer = (x + 40% of x) + 25 % of (x + 40% of x)

= 140x/100 + (25/100) x (140x/100)

But; Given that

The C.P of the diamond for the customer = Rs 50 Lakhs

So,

50,00,000 = 140x/100 + (25/100) x (140x/100)

=> 50,00,000 = (1400x + 350x)/1000

=> 50,00,000 = 1750x / 1000

=> 175x = 500000000

=> x = 2857142.86

Therefore, the cost of the diamond for the miner = Rs x = Rs 2857142.86 = Rs 28 Lakhs