Q1. 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 6/7
In the light of the above statements, choose the most appropriate answer from the options given below:
A. Both Statement I and Statement II are correct
B. Both Statement I and Statement II are incorrect
C. Statement I is correct but Statement II is incorrect
D. Statement I is incorrect but Statement II is correct
EXPLANATION
Answer: A
Statement I:
It is given, profit percentage = 20%
This implies, SP = 120/100 CP
Given, 120/100 CP – CP = 240
20/100 CP = 240
CP = 1200
SP = 1200+240 = Rs 1440
Therefore, statement I is correct
Statement II:
It is given,
10CP = 7SP
Profit % = SP – CP / CP *100 = 42 6/7
Therefore, statement II is correct.
The answer is option A.
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