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A wholesaler sells goods to a retailer at a profit of 10% and the retailer sells it to a customer at a profit of 20%. If the customer pays Rs. 2,000, what had it cost (in Rs.) approximately to the wholesaler?

A wholesaler sells goods to a retailer at a profit of 10% and the retailer sells it to a customer at a profit of 20%. If the customer pays Rs. 2,000, what had it cost (in Rs.) approximately to the wholesaler? Correct Answer Rs. 1515

Given:

Profit % (P1) = 10%,

Profit % (P2) = 20%

Seling price (SP) = Rs. 2000

Formula used:

S.P = CP × (100 + P%)/100

Where, 

S.P → Selling price 

CP → Cost price

P% = Profit%

Calculations:

Let the cost price of goods for the wholesaler be x.

The selling price of goods for the wholesaler = The price retailer had to pay = CP × (100 + P%)/100

⇒ x × 110/100 = 11x/10

Since the retailer sold it to the customer at 20%

So, the price customer had to pay = (11x/10) × 120/100 = 33x/25

According to the question, the customer had to pay Rs. 2000

So, (33x/25) = 2000

⇒ x = 1515.16 ≈ Rs. 1515

∴ The cost price of the goods for the wholesaler is Rs. 1515.

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