more eg for finding discount and marked
Answers
Step-by-step explanation:
The market price of a chair was Rs. 1200. This price was 20% above the cost price. It was sold at a discount of 10% on the marked price. Find the profit percent.
A. 6 % B. 4 % C. 8 % D. 5 %
Here in this question, we are given the market price which is 20% more than the cost price. Also, profit is always calculated on the cost price. Thus, we need to find the cost price first and then compare it to find the profit percentage. As marked price is 20% more than the cost price, CP = 20% of x + x = 1200 => 120x/100 = 1200 => x = (1200 x 100)/120 => x = Rs. 1000. So, the cost price is Rs. 100.
Now, a 10% discount is given on the market price and this will be our selling price. So, selling price = 1200 – 10% of 1200 => 1200 – 120 => Rs. 1080. So, the selling price is Rs. 1080. Thus, profit will be Rs. 1080 – Rs. 1000 = Rs. 80. So, profit percentage = 80/100 x 1000 => 8%. Thus, the correct answer is C.
Step-by-step explanation:
Discounts and marked price
There are many names used to describe marked prices like retail price, market price, etc. Marked price is the price, which is quoted or appears on the product in the form of a label. It is important to remember that the marked price may or may not be similar to the sales price. Because sales price is the price on which the product is sold whereas the product may not necessarily be sold at the given market price. When the product is sold at marked price than market price is equal to selling price.
Examples of Marked Price
1. The market price of a chair was Rs. 1200. This price was 20% above the cost price. It was sold at a discount of 10% on the marked price. Find the profit percent.
A. 6 % B. 4 % C. 8 % D. 5 %
Here in this question, we are given the market price which is 20% more than the cost price. Also, profit is always calculated on the cost price. Thus, we need to find the cost price first and then compare it to find the profit percentage. As marked price is 20% more than the cost price, CP = 20% of x + x = 1200 => 120x/100 = 1200 => x = (1200 x 100)/120 => x = Rs. 1000. So, the cost price is Rs. 100.
Now, a 10% discount is given on the market price and this will be our selling price. So, selling price = 1200 – 10% of 1200 => 1200 – 120 => Rs. 1080. So, the selling price is Rs. 1080. Thus, profit will be Rs. 1080 – Rs. 1000 = Rs. 80. So, profit percentage = 80/100 x 1000 => 8%. Thus, the correct answer is C.