Question

a cell phone was marked at 40% above the cost price and a discount 30%was given on its marked price. find the gain or loss percent made by shopkeeper?

Answer 1

Let us assume the cost price of the cell phone to be 100.

Given:

Discount that is given on the marked price = 30 %

Calculating the marked price keeping in mind it is 40 % above the cost price according to the question:

Marked Price = 100 + 40/100 x 100

= 100 + 40

= Rs. 140

Therefore, the marked price is Rs. 140.

Formula that we use to calculate the discount:

Discount = Marked Price x 30 %

Substituting the values we get:

= 140 x 30 / 100

= 14 x 3

= 42

Therefore, the Discounted Price is Rs. 42.

Formula used to calculate the Selling Price:

Selling Price = Marked Price - Discounted Price

Substituting the values into this formula we get:

= 140 - 42

= Rs 98

Therefore, the selling price is Rupees 98.

Here,

The Selling price is lesser than the cost price meaning a loss has occurred.

Finding out the Loss:

= Cost Price - Selling Price

= 100 - 98

= 2

Therefore, the Loss is of 2 Rupees.

Calculating the Loss Percentage:

Loss Percentage = (loss × 100)/Cost Price Percentage

= 2 × 100/100 %

= 200/100 %

= 2 %

Therefore, the loss percent that is made by the shop keeper is 2 %.