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A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?
  • a)
    1000
  • b)
    1500
  • c)
    2000
  • d)
    4000
  • e)
    None of these
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
A shopkeeper buys 60 cycles and marks them at 20% above the cost price...
Marked price = (120/100)*CP
cash sales = 45 and credit sales =15
(120/100)*cp*90/100*45 + (120/100)*cp*95/100*15 – 60*cp = 11400
Cp = 2000
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Most Upvoted Answer
A shopkeeper buys 60 cycles and marks them at 20% above the cost price...
Marked price = (120/100)*CP
cash sales = 45 and credit sales =15
(120/100)*cp*90/100*45 + (120/100)*cp*95/100*15 – 60*cp = 11400
Cp = 2000
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Community Answer
A shopkeeper buys 60 cycles and marks them at 20% above the cost price...
Given:
Number of cycles = 60
Marked price = 20% above the cost price
Discount for cash sale = 10%
Discount for credit sale = 5%
Three-fourth cycles are sold for cash
One-fourth cycles are sold for credit
Total profit = Rs. 11400

To find:
Cost price of a cycle

Solution:
1. Calculation of Selling price:
Let the cost price of a cycle be x.
Marked price = 20% above the cost price
⇒ Marked price = x + 0.2x = 1.2x
Discount for cash sale = 10%
⇒ Selling price for cash sale = Marked price - 10% of Marked price
⇒ Selling price for cash sale = 1.2x - 0.1(1.2x) = 1.08x
Discount for credit sale = 5%
⇒ Selling price for credit sale = Marked price - 5% of Marked price
⇒ Selling price for credit sale = 1.2x - 0.05(1.2x) = 1.14x

2. Calculation of number of cycles sold:
Three-fourth cycles are sold for cash
⇒ Number of cycles sold for cash = 3/4 × 60 = 45
One-fourth cycles are sold for credit
⇒ Number of cycles sold for credit = 1/4 × 60 = 15

3. Calculation of profit:
Total profit = Selling price for cash sale × Number of cycles sold for cash × Profit percentage for cash sale + Selling price for credit sale × Number of cycles sold for credit × Profit percentage for credit sale - Cost price × Total number of cycles
Profit percentage for cash sale = 100% - (10% discount)
⇒ Profit percentage for cash sale = 90%
Profit percentage for credit sale = 100% - (5% discount)
⇒ Profit percentage for credit sale = 95%
Total profit = 1.08x × 45 × 90/100 + 1.14x × 15 × 95/100 - x × 60
Total profit = 0.972x × 45 + 1.083x × 15 - 60x
Total profit = 43.74x + 16.245x - 60x
Total profit = -0.015x

Given, Total profit = Rs. 11400
⇒ -0.015x = 11400
⇒ x = -11400/-0.015
⇒ x = 7,60,000/100
⇒ x = Rs. 7,600

Therefore, the cost price of a cycle is Rs. 7,600.

Answer: Option C.
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A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?a)1000b)1500c)2000d)4000e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?a)1000b)1500c)2000d)4000e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?a)1000b)1500c)2000d)4000e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?a)1000b)1500c)2000d)4000e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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