CAT Quantitative Aptitude Questions | CAT Profit and Loss Questions - Discount Percentage

The question is from CAT Profit and Loss. 2IIMs CAT question bank provides you with CAT questions that can help you gear for CAT Exam CAT 2023. This question is from profit and loss and here we are given more than two statements and we need to select the statement(s) that is/are necessary to find the solution. Think, Discount Percentage

Question 20: Given below is a question followed by three statements. Study the statements and decide which of the statement(s) is/are necessary to answer the question. What was the discount percentage given?
I) On selling the table, for Rs 12650, 26.5 %, Profit was earned.
II) If there had been no discount, 30% would have been earned as profit.
III) The Cost price of the table was Rs 10000

1. Only I and II
2. Only II and III
3. Only I and III
4. Any two of the above
5. None of these

Explanatory Answer

Method of solving this CAT Question from Profit and loss: Details required to get the discount percentange.

From statement – I
S.P. = Rs 12650, Profit = 26.5%
∴ C.P = \\frac{100}{126.5}\\) * 12650 = 10000
From statement II
Mark Price = 130% of C.P. = Rs 13000
∴ From statement I and II
Discount = Rs (13000 - 12650) = Rs 350
Discount % = \\frac{350}{13000}\\) * 100 and Therefore, can be calculated
∴ Statement I and II can give the answer. However, statement II and III together cannot.

The question is " Study the statements and decide which of the statement(s) is/are necessary to answer the question. What was the discount percentage given? "
Statement I and II can give the answer.

Hence, the answer is Only I and II.

Choice A is the correct answer.