a shopkeeper raises the price of a cycle by 5 percent above the market Price and charges 12 percent save sales tax on the market price. as A result customer has to pay to Rs.4680 for the cycle. what is the market price of the cycle?
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Let the marked price of a cycle be P.
Then, the raised price = P + 5% of P = P + 5P/100 = 21P/20
Sales tax = 12% of P = 12/100 P = 3/25 P
Therefore, the price payable = 21P/20 + 3P/25 = 105P + 12P/100 = 117P/100
According to the problem we get, 117P/100 = $4680
P = $4680 × 100/117
= $4000
Therefore, the marked price of the cycle is $4000.
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