A trader marked an article 70% above its cost price and sold it after allowing a discount of 40%. If the transaction resulted in a profit of Rs. 40, then find the cost price of the article
Let the cost price of the article be Rs. ‘x’ Marked price of the article = x × 1.70 = Rs. ‘1.7x’ Selling price of the article = 1.7x × 0.6 = Rs. ‘1.02x’ Profit = 1.02x – x = Rs. ‘0.02x’ ATQ; 0.02x = 40 So, x = 2000 Therefore, cost price of the article is Rs. 2000.
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