Question

A person marked the price of an article 20% above the cost price. He makes a profit of Rs. 500 by selling it at 10% discount on the marked price. What was the marked price of the article?
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Answer 1

Answer:

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Answer 2

Answer:

Given

Marked price = 20% above cost price

Profit earned = 8%

Formula Used

Profit % = (profit/cost price) × 100

Discount% = (discount/marked price) × 100

Calculation

Let cost price (c.p) = 100

So, marked price (m.p) = 120

Selling price (s.p) = cost price + profit

S.p = 100+8 = 108

Discount = m.p - s.p

Discount = 120 - 1008= 12

Discount = (12/120) ×100 = 10%

∴ Discount is 10%

Step-by-step explanation:

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