The cost price of a television is Rs 2400 which is 20% below the market price. If it is sold at a discount of 16% on the market price then find its market price, selling price and profit?
Rs 3000, Rs 2520, 5%
Rs 4000, Rs 3520, 6%
Rs 5000, Rs 6250, 7%
None of the above
Explanation:
Let, M.P of the television = x.
According to the question, C.P. = x - 20x/100
=> 2400 = (100x-20x)/100
=> 2400 $\times$ 100 = 80x
$\therefore$ Market Price i.e. x = (2400 $\times$ 100)/80 = Rs. 3000
Now S.P = MP - Discount
= 3000 - 480. (because discount in rs = (16/ 100) $\times$ 3000 = 480)
= 2520.
profit = 2520 - 2400 = 120 i.e. 5%