if selling price =550,and profit =10%,what is the value of cost price?
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Answer:
Marked price of the article = Rs. 550
Discount given = 10% of marked price = Rs. 55
So here Selling price will be =
Marked price - Discount Given
Selling price = 550-55 = Rs. 495
Gain for the shopkeeper is Rs. 75
So cost price of articles will be =
Selling price - Shopkeeper profit
Cost price = 495–75=Rs.420
Difference in cost price and marked price =
550-420= Rs. 130
Percentage of difference in marked price and cost price according to cost price =
(130÷420)×100
= 0.3095×100
=30.95%
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