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A shopkeeper sells an item at a discount of 40% on the item’s listed price of Rs. 1500. He still makes a profit of 20% on the original cost of the item. What is the original cost of the item?

A shopkeeper sells an item at a discount of 40% on the item’s listed price of Rs. 1500. He still makes a profit of 20% on the original cost of the item. What is the original cost of the item? Correct Answer Rs. 750

Given:

Discount, (D) = 40%

The listed price of the Item = Rs. 1500

Profit earned, (P) = 20%

Formula used:

Selling price = Marked price × (100 – D%)/100

Cost price = (Selling price × 100)/(100 + P%)

Calculation:

Selling price = Marked price × (100 – D%)/100

⇒ 1500 × (100 – 40)/100

⇒ 15 × 60 = 900

Now, Cost price = (Selling price × 100)/(100 + P%)

⇒ (900 × 100)/(100 + 20)

⇒ 750

∴ The original costprice of the Item is Rs. 750

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Formula used:

MP/CP = (100 + P%)/(100 – D%) 

Calculation:

MP/CP = (100 + P%)/(100 – D%) 

⇒ 1500/CP = (100 + 20)/(100 – 40)

⇒ 1500/CP = 2

⇒ CP = 750

∴ The original costprice of the Item is Rs. 750

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