Question
Download Solution PDFWhat is the cost price of a Rs. 100 stock at 6% discount, when the brokerage is 2 %?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The face value of the stock is Rs. 100.
The stock is available at a 6% discount.
The brokerage is 2%.
Concept:
To find the cost price of the stock, we need to consider both the discount and the brokerage.
Formula Used:
Cost Price = (Face Value - Discount) + Brokerage
Calculation:
We have,
Face Value = Rs. 100
Discount = 6% of Rs. 100
Brokerage = 2% of (Face Value - Discount)
⇒ Discount = 6% × 100
⇒ Discount = 6
⇒ Face Value - Discount = 100 - 6
⇒ Face Value - Discount = 94
⇒ Brokerage = 2% × 94
⇒ Brokerage = 0.02 × 94
⇒ Brokerage = 1.88
⇒ Cost Price = (Face Value - Discount) + Brokerage
⇒ Cost Price = 94 + 1.88
⇒ Cost Price = 95.88
∴ The correct answer is option 3 (96).
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