A chair is marked at ₹4,000 and sold at ₹3,600 after a certain discount. If the shopkeeper still makes a profit of 20%, find the cost price of the chair.
₹3,000
Correct Answer: ₹3,000
Given: Selling Price (SP) = ₹3,600 (after discount from MP ₹4,000)
Profit = 20%
SP = CP × (1 + Profit%/100)
3600 = CP × 1.20
CP = 3600/1.20 = ₹3,000
Profit = 3600 − 3000 = ₹600 = 20% of ₹3,000 ✓
Discount given = 4000 − 3600 = ₹400 = 10% of MP
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By selling an article for Rs. 640, a person loses 15% of its selling price. At what price (in Rs.) should he sell it to gain 15% on its cost price?
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