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Word Problem 18 (successive selling , profit and cost price calculation)

Problem 18: A man bought a horse and sold it at a gain of 10%. If he had bought it 20% less and sold it for Rs 10 more, he would have made a profit of 40%. Find the cost price of the horse.

a. Rs 200            b. Rs 400               c. Rs 500                d. Rs 300

GRE arithmetic questions and answers

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Solution:

P=10%

Cost Price 20% less than previous

Selling = Rs 10 more than previous selling price

Profit =10%

Let

The Cost Price =Rs y

Then selling price

=\frac{110y}{100}

Now cost price (20%) less;

=\frac{80y}{100}

New selling price;

=\frac{110y}{100}+10

Use formula for profit;

Profit= selling Price -Cost Price

40% Of Cost Price=(\frac{110y}{100}+10)-\frac{80y}{100}

\Rightarrow \frac{40}{100}(\frac{80y}{100})=\frac{110y}{100}+10-\frac{80y}{100}

y=500

So cost price was Rs 500

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