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Practice each question, then open the answer or worked solution.
The marked price of an article is Rs 80, and it is sold at Rs 76, then the discount rate is:
(a) 5% (b) 95% (c) 10% (d) appx. 11%
(a) 5%
Explanation: Marked price = Rs. 80
Sold price = Rs.76
We know that,
Selling price = Marked price – Discount
Discount = Marked price – Selling price
Discount = Rs.80-Rs.76 = Rs.4
Discount % = 4/80 x 100 = 5%
A bought a tape recorder for Rs 8,000 and sold it to B. B in turn sold it to C, each earning a profit of 20%. Which of the following is true:
(a) A and B earn the same profit. (b) A earns more profit than B. (c) A earns less profit than B. (d) Cannot be decided.
(c) A earns less profit than B
Explanation: The cost f the tape recorder bought by A = Rs.8000
The cost of the tape recorder for B =20% profit on cost price for A
=20/100 x 8000 + 8000
=20 x 80 + 8000
=1600 + 8000
=Rs.9600
The cost of the tape recorder sold to C = 20% profit on cost price for B
= 20/100 x 9600 + 9600
=1929 + 9600
= Rs.11520
Here, profit for A= Rs.1600 Profit for B = Rs.1920
So, A earns less profit than B.
Latika bought a teapot for Rs 120 and a set of cups for Rs 400. She sold teapot at a profit of 5% and cups at a loss of 5%. The amount received by her is:
(a) Rs 494 (b) Rs 546 (c) Rs 506 (d) Rs 534
(c) Rs 506
Explanation: Price of teapot = Rs. 120
Price of set of cups = Rs. 400
Latika sold teapots at a profit of 5%
Selling price of teapot = 5/100 x 120 + 120
= 120/20 +120
= 6 + 120 = Rs.126
Also, cups were sold at a loss of 5%.
Now, selling price of cups = 400 –5/100 x 400
= 400 – 20
= Rs. 380
Therefore, total amount received = Rs. 126 + Rs. 380 = Rs. 506
A jacket was sold for Rs 1,120 after allowing a discount of 20%. The marked price of the jacket is:
(a) Rs 1440 (b) Rs 1400 (c) Rs 960 (d) Rs 866.66
(b) Rs. 1400
Explanation: Let marked price = x
Discount = 20%
Selling price = 1120
Hence,
1120 = x – x× 20/100
1120 = x – x/5
1120 = 4x/5
x = (1120×5)/4 = 1400
A sum is taken for two years at 16% p.a. If interest is compounded after every three months, the number of times for which interest is charged in 2 years is:
(a) 8 (b) 4 (c) 6 (d) 9
(a) 8
Explanation:
The rate of interest is compounded after every three months.
Thus, the time period for amount in a year will be 4 times.
If amount is taken for 2 year, then 4×2 = 8 times charged in 2 years.
The original price of a washing machine which was bought for Rs 13,500 inclusive of 8% VAT, is:
(a) Rs 12,420 (b) Rs 14,580 (c) Rs 12,500 (d) Rs 13,492
(a) Rs 12,420
Explanation: The original price of the washing machine = Rs.13500
VAT = 8%.
The original price of the washing machine, including of 8% VAT
= 13500-13500 x 8/100
= 13500-135 x 8
= 13500-1080
= Rs.12420
Avinash bought an electric iron for Rs 900 and sold it at a gain of 10%. He sold another electric iron at 5% loss which was bought for Rs 1200. On the transaction, he has a:
(a) Profit of Rs 75 (b) Loss of Rs 75 (c) Profit of Rs 30 (d) Loss of Rs 30
(c) Profit of Rs 30
Explanation: The price of electric iron = Rs. 900
Sold at 10% profit
Now, selling price of the electric iron = (10/1000) x 900 + 900 = 90+ 900 = Rs.990
Another electric iron sold at 5% loss.
Cost of another electric iron = Rs.1200
Thus, selling price of the electric iron = 1200 – 1200 x (5/100) = 1200 – 60 = Rs.1140
Total cost paid by Avinash for purchasing electric irons = Rs.900 + Rs.1200 = Rs.2100
Total received amount = Rs.990 + Rs.1140 = Rs. 2130
Therefore, his profit = Rs.2130- Rs.2100 = Rs.30
A TV set was bought for Rs 26,250, including 5% VAT. The original price of the TV set is (a) Rs 27,562.50 (b) Rs 25,000 (c) Rs 24,937.50 (d) Rs 26,245
(c) Rs 24,937.50
Explanation: Cost price of TV set = Rs. 26250.
VAT including = 5%
Original price = Cost price of article including VAT = 26250 – (5/100) x 26250
= 26250-1312.5
=24,937.50
Therefore, original price of TV set is = Rs. 24,937.50
40% of [100 – 20% of 300] is equal to:
(a) 20 (b) 16 (c) 140 (d) 64
(b) 16
Explanation: 40% of [100 – 20% of 300]
= 40% × [100 – (20/100×300)]
= 40% × [100 – 60]
= 40/100 × 40
= 16
Radhika bought a car for Rs 2,50,000. Next year, its price decreased by 10%, and further next year, it decreased by 12%. In the two years, overall decrease per cent in the price of the car is
(a) 3.2% (b) 22% (c) 20.8% (d) 8%
(c) 20.8%
Explanation: Radhika bought a car for Rs. 250000.
Cost price = Rs.250000
Its price decreased next year by 10%.
Thus, new price = 250000 – (10/100) × 250000
= 250000 – 25000 = 225000
Again, the price of car decreased by 12% next year. So the price will be:
=225000 – 225000 × (12/100)
= 225000 – 27000
= 198000
So, the overall decrease in percentage of car price = (250000-198000)/250000 × 100
= (52000/250000) × 100 = 520/25 = 20.8%
In questions 21 to 45 fill in the blanks to make the statements true.