Question 11

Given below are two statements:
Statement I : The difference between the cost price and sale price of an article is ₹ 240. If the profit is 20%, then the selling price is ₹ 1440.
Statement II: If the cost price of 10 DVDs is equal to the selling price of 7 DVDs, then the gain percent is $$42\frac{6}{7}%$$
In the light of the above statements, choose the most appropriate answer from the options given below:

Solution

Statement I:

It is given, profit percentage = 20%

This implies, $$SP=\frac{120}{100}CP$$

It is given, $$\frac{120}{100}CP-CP=240$$

$$\frac{20}{100}CP=240$$

$$CP=1200$$

SP = 1200+240 = Rs 1440

Therefore, statement I is correct.

Statement II:

It is given,

10CP = 7SP

Profit % = $$\ \frac{\ SP-CP}{CP}\times100=\frac{300}{7}=42\frac{6}{7}\%$$

Therefore, statement II is correct.

The answer is option A.

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