Question

The Marked price of a vacuum cleaner is 20percent more than th cost price. It is sold at a discount of 7percent .If the marked price is $8000, then find the SP , profit and profit percent

Answer 1

Marked Price = $8000 (Given)

Find the cost price:

Mark up = 20%

Marked Price = 100 + 20 = 120%

120% = $8000

1% = 8000 ÷ 120 = 200/3

100% = 200/3 x 100 = 6666 2/3 = $6666.67

Find the selling price:

Discount = 7% x $8000 = 0.07 x 8000 = $560

Selling price = Marked price - discount

Selling Price = $8000 - $560 = $7440

Find the profit:

Profit = Selling Price - Cost Price

Profit = 7440 - 6666.67 = $733 1/3 = $733.33

Find the profit percentage:

Profit percentage = (profit / cost price ) x 100

Profit percentage = (733 1/3 ÷ 6666 2/3 ) x 100 = 11%

Answer: The selling price is $7440, the profit is $733.33 which is 11%

Answer 2

Marked Price = $8000 (Given)

Find the cost price:

Mark up = 20%

Marked Price = 100 + 20 = 120%

120% = $8000

1% = 8000 ÷ 120 = 200/3

100% = 200/3 x 100 = 6666 2/3 = $6666.67

Find the selling price:

Discount = 7% x $8000 = 0.07 x 8000 = $560

Selling price = Marked price - discount

Selling Price = $8000 - $560 = $7440

Find the profit:

Profit = Selling Price - Cost Price

Profit = 7440 - 6666.67 = $733 1/3 = $733.33

Find the profit percentage:

Profit percentage = (profit / cost price ) x 100

Profit percentage = (733 1/3 ÷ 6666 2/3 ) x 100 = 11%