Question

A shopkeeper marks the price of an article 40% above the cost price. After allowing a discount of 15% on its marked price, It was sold at a gain of Rs 950. Find the marked price of the article.

Answer 1

The marked price of the article was Rs. 7,000.

Step-by-step explanation:

Let the cost price be Rs. x.

Then the marked price of the article is, MP = Rs. 1.40x.

A discount of d% = 15% is allowed on the article.

The gained Rs. 950.

Then the selling price is, SP = Rs. x + 950.

The formula to compute the selling price is:

$SP=MP[1-\frac{d}{100}]$

Compute the value of CP as follows:

        $SP=MP[1-\frac{d}{100}]$

  $x+950=1.40x[1-\frac{15}{100}]$

  $x+950=1.40x\times 0.85$

  $x+950=1.19x$

$1.19x-x=950$

     $0.19x=950$

           $x=\frac{950}{0.19}$

           $x=5000$

The cost price of the article was Rs. 5000.

Compute the marked price as follows:

$MP=1.40x=1.40\times 5000=7000$

Thus, the marked price of the article was Rs. 7,000.

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