The marked price of a product is Rs. 1000. If it is sold at 7 percent discount and the dealer earns 50 percent profit, then what is the cost price of the product?
Show answer & explanation
Correct answer: D
Explanation
The Correct answer is option 4 i.e. Rs. 620
Given that
Marked price = Rs. 1000
Discount = 7%
Profit % = 50%
Formula used
Cost price/ Marked price = (100 - D)/(100 + P)
Calculation
Cost Price/1000 = (100 - 7)/(100 + 50)
Cost Price = (93/150) × 1000 = 620