Question

A shopkeeper buys two TV sets of the same type, features one of them at a profit of 20%, and the other at a loss of 5%. If the difference in selling price is $700, find the cost price of 20 TV sets.

A) $2800
B) $3000
C) $3200
D) $3400

Answer 1

The cost price of one TV set is calculated to be $2800. However, the cost price for 20 TV sets leads to $56,000, which doesn't match any of the provided choices. This may indicate an issue with the question or the options given.

Step-by-step explanation:

To find the cost price of 20 TV sets, we need to first determine the cost price of one TV set. Let's denote the cost price of one TV as C.

When the shopkeeper sells one TV at a 20% profit, the selling price is C + 0.20C = 1.20C. When the shopkeeper sells the other TV at a 5% loss, the selling price is C - 0.05C = 0.95C.

The difference in selling price is given as $700. Therefore, we have the equation 1.20C - 0.95C = $700. Solving for C, we get:

0.25C = $700
C = $700 / 0.25
C = $2800

So the cost price for one TV set is $2800. The cost price for 20 TV sets would then be 20 times $2800, which is $56,000.

Since none of the provided answer choices match our calculation, it suggests there might be a mistake in the interpretation of the question or the provided options.