Amit sold an electric iron for ₹ 2,656 after giving a discount of 17% on the marked price. Had he not given the discount, he would have earned a profit of 28%. What is the cost price (in ₹) of the electric iron ?

Correct option is C

Given:

Selling price after discount = ₹2,656.

Discount given = 17%.

Profit if no discount = 28%.

​Solution:​

Let the marked price be M.

Selling price after discount = M$$\times (1 - 0.17) = M \times 0.83$$​​

Cost price = C 

Profit = $$\frac{M - C}{C} \times 100 = 28\%$$​​

The relationship between marked price and selling price after discount:

Selling Price = M$$\times 0.83$$​​
2,656 =$$M \times 0.83$$​​
M =$$\frac{2,656}{0.83} = 3,200$$​.

Now, using the profit formula for a 28% profit:
​$$\frac{3,200 - C}{C} \times 100 = 28$$​​
3,200 - C = 0.$$28 \times C$$​​
3,200 = 1.28C
C =$$\frac{3,200}{1.28} = 2,50$$​0.

Thus, the cost price of the electric iron is ₹2,500.

Alternate Method:

Let Market Price =100

After 17% discount selling price =100 - 17 = 83

ATQ-

83=2656

1=32

100=3200.

Had he not given the discount, he would have earned a profit of 28%=100+28=128

128=3200

1 = 25

100=2500.