A tradesman allow a discount of 15% on a written price. How much above the cost price must he mark his goods to make a profit of 19% a tradesman.
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Answers
Let CP = 100
MP = x
Discount = 15%
SP = 119
Profit = 19
Facts :
MP is always marked up as a % of CP.
Discount is always on MP
MP - Discount = SP
SP - CP = Profit
Plugging in values, x - 0.15x = 119
=> 0.85x = 119
=> x = 119/0.85 = 140
Markup = 40/100 x 100 = 40%
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This structured approach would be helpful :
Let CP = 100
MP = x
Discount = 15%
SP = 119
Profit = 19
Facts :
MP is always marked up as a % of CP.
Discount is always on MP
MP - Discount = SP
SP - CP = Profit
Plugging in values, x - 0.15x = 119
=> 0.85x = 119
=> x = 119/0.85 = 140
Markup = 40/100 x 100 = 40%
Note : There are five variables involved in this type of question. If these variables are written strictly in above order, and any four variables are known, it is easy to determine the fifth.