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Each question consists of a statement and/or a question followed by two statements I and II. Identify an option which provides sufficient data to answer the given question. Mark your answer as
A. if the data in statement I is sufficient and II is not required;
B. if the data in statement II is sufficient and I is not required;
C. if the data in both statements is necessary;
D. if the data in both statements is not sufficient to answer the question.
What was the cost price of the suitcase purchased by Richard?
I. Richard got 20% concession on the labeled price.
II. Richard sold the suitcase for Rs 2000 with 25% profit on the labeled price.
Here we have to find the CP of a suitcase for Richard and M represent the labeled price
From Option I we see that he got discount of 20%on Marked Price. But since we do not know the MP it is not possible to determine CP for Richard
Using only Option II we see that we can we can obtain the profit in terms of marked price but not the cost price.
When we use the option I and II together we can determine CP and Profit in term of M and thus know the CP for Richard
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