Question

A trader marks his product 40% above its cost. He sells the product on credit and allows 10% trade
discount. In order to ensure prompt payment, he further gives 10% discount on the reduced price. If he
makes a profit of Rs. 67 from the transaction, then the cost price of the product is​

Answer 1

Given : A trader marks his product 40% above its cost. He sells the product on credit and allows 10% trade  discount.

In order to ensure prompt payment, he further gives 10% discount on the reduced price.  

he  makes a profit of Rs. 67 from the transaction,  

To Find : the cost price of the product is​

Solution:

Let say Cost Price = C Rs

trader marks his product 40% above its cost.

=> Marked Price = C + (40/100)C = 1.4C  Rs

Trader  sells the product on credit and allows 10% trade  discount.

=> Selling Price = 1.4C - (10/100)1.4C  = 1.26C  Rs

further gives 10% discount on the reduced price

=> Discount = (10/100)1.26C  =  0.126C  Rs

Final Amount to be received =   1.26C  - 0.126C

= 1.134C

Profit = 1.134C - C  = 0.134C

0.134C = 67

=> C = 500

cost price of the product is​ Rs 500

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Answer 2

Given :- A trader marks his product 40% above its cost. He sells the product on credit and allows 10% trade discount. In order to ensure prompt payment, he further gives 10% discount on the reduced price. If he makes a profit of Rs. 67 from the transaction, then the cost price of the product is ?

Solution :-

Let us assume that, the cost Price of the product is Rs.100x .

So,

→ CP = Rs. 100x

→ MP = 40% above CP => (100x * 140)/100 = Rs.140x .

now, he allows 10% discount and again gives 10% discount.

So,

→ SP = MP * (100 - D1)/100 * (100 - D2)/100

→ SP = 140x * (90/100) * (90/100)

→ SP = Rs. 113.4x .

therefore,

→ Profit = SP - CP

→ Profit = 113.4x - 100x

→ Profit = Rs. 13.4x .

Now, we have given that, Profit is Rs.67 .

hence,

→ 13.4x = 67

→ x = (67/13.4)

→ 100x = 5 * 100 = Rs. 500 (Ans.)

Hence, The cost Price of the Product is Rs. 500 .

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