Question

By selling a product for Rs. 100 how much profit was earned?
(I) 20% profit would have been earned if it had been sold for Rs. 90.
(II) The profit was one-third of the cost price.

• A. Statement (I) alone is sufficient, but statement (II) alone is not sufficient.
• B. Statement (II) alone is sufficient, but statement (I) alone is not sufficient.
• C. Both statements together are sufficient, but neither statement alone is sufficient.
• D. Each statement alone is sufficient.

Answer 1

The correct option is D Each statement alone is sufficient.

(I) $\Rightarrow C.P.$ can be calculated since
$C.P.=\frac{S.P.\times 100}{(100+\text{percentage profit})}$
Also, since Profit $=S.P.-C.P.$
$\therefore$ Profit can be calculated using statement (I) alone.
(II) $\Rightarrow C.P.\times \frac{1}{3}=Profit$ and $Profit=S.P.-C.P.$
Therefore, each statement alone is sufficient to answer the question.