A Shopkeeper gives a discount of 20% on the MP. To earn a profit of 40%, how much percent above the CP should he mark his goods.
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Answer:
Let CP = 100
MP = 100x
Discount = 20% of MP = 20x
SP = MP - Disc = 80x
Profit = SP - CP = 20% of CP
=> 80x - 100 = 20
=> x = 120/80 = 3/2
=> MP = 150
=> CP must be marked up by 50%
I hope this is helpful :-)
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