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Profit and Loss - General Aptitude

Each of these questions is followed by three statements. You have to study the question and all the three statements given to decide whether any information provided in the statement(s) is redundant and can be dispensed with while answering the given question.
Q1:

What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I.  Labeled price of the articles sold was 130% of the cost price.
II.  Cost price of each article was Rs. 550.
 III.  A discount of 10% on labeled price was offered.

A Only I

B Only II

C I and III

D All the three are required

E Question cannot be answer even with information in all the three statements.

ANS:C - I and III

  I. Let C.P. be Rs. x.

Then, M.P. = 130% of x = Rs. 13x .
10
III. S.P. = 90% of M.P.
Thus, I and III give, S.P. = Rs. 90 x 13x = Rs. 117x
100 10 100
Gain = Rs. 117x - x = Rs. 17x
100 100
Thus, from I and III, gain % can be obtained. Clearly, II is redundant.