Select the correct answerA garment company declared 14% discount for wholesale buyers. Mr. Swami bought garments from the company for Rs. 860 after getting discount. He fixed up the selling price of garments in such a way that he earned a profit of 6% on original company price. What is the approximate total selling price?radio_button_uncheckedRs. 1060radio_button_uncheckedRs. 1160radio_button_uncheckedRs. 960radio_button_uncheckedCannot be determined
Question
Select the correct answerA garment company declared 14% discount for wholesale buyers. Mr. Swami bought garments from the company for Rs. 860 after getting discount. He fixed up the selling price of garments in such a way that he earned a profit of 6% on original company price. What is the approximate total selling price?radio_button_uncheckedRs. 1060radio_button_uncheckedRs. 1160radio_button_uncheckedRs. 960radio_button_uncheckedCannot be determined
Solution
Let's solve this step by step:
Step 1: First, we need to find the original price before the discount. If Rs. 860 is 86% (100% - 14%) of the original price, we can find the original price (let's call it X) by using the formula:
860 = 0.86 * X
Solving for X gives us X = 860 / 0.86 = Rs. 1000. This is the original price of the garments.
Step 2: Now, Mr. Swami wants to earn a profit of 6% on the original price. So, his selling price will be 106% of the original price. We can find this by using the formula:
Selling Price = 1.06 * X = 1.06 * 1000 = Rs. 1060
So, the approximate total selling price is Rs. 1060.
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