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A person procures an object from seller through two agents. First agent charges 20% commission on the cost of purchase and second agent charges 30% commission on the price after sales from first agent. Further 20% tax on the price of sales from second agent is charged from the person. If the person has obtained loan at 8% p.a. simple interest to pay for the object and pays Rs. 3744 as interest for five years? What is the price of the object sold by seller? (in rupees)

A person procures an object from seller through two agents. First agent charges 20% commission on the cost of purchase and second agent charges 30% commission on the price after sales from first agent. Further 20% tax on the price of sales from second agent is charged from the person. If the person has obtained loan at 8% p.a. simple interest to pay for the object and pays Rs. 3744 as interest for five years? What is the price of the object sold by seller? (in rupees) Correct Answer 5000

Let the price of the sold by seller be Rs x

Price after first agent = (100 + 20) /100 × x = 1.2x

Price after second agent = (100 + 30) /100 × 1.2x = 1.56x

Price after tax = 1.56x × (100 + 20) /100 = 1.872x

Interest on the price for five years = 1.872x × 8/100 × 5 (Interest = Pnr/100)

⇒ 0.7488x = 3744

⇒ x = 5000

∴ The price of the object sold by seller is Rs. 5000.

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