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Each of the questions given below consists of a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statements is sufficient to answer the question. Read both the statements. Give answer
What is the cost price of article ?
I. A man earns a profit of 20% on selling the article.
II. The selling price of article is Rs. 5016.
Clearly, both statements are required.
Let cost price = Rs. $$100x$$
Selling price after profit of 20% = $$\frac{120}{100} \times 100x$$
= Rs. $$120x$$
From statement II : Selling price = Rs. 5,016
=> $$120x = 5016$$
=> $$x = \frac{5016}{120} = 41.8$$
$$\therefore$$ Cost price = $$100 \times 41.8$$
= Rs. $$4,180$$
Thus, both statements together are required to answer the question.
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