Question
Download Solution PDFA shopkeeper marks the price of a book 120% above its cost price. If he gives a discount of 10% on the marked price, then find his profit %.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cost Price (CP) = ₹100 (assuming for simplicity)
Marked Price (MP) = CP + 120% of CP
Discount = 10%
Formula used:
MP = CP + 1.2 × CP
SP = MP - 10% of MP
Profit % = (SP - CP) / CP × 100
Calculation:
MP = 100 + 1.2 × 100
⇒ MP = 100 + 120
⇒ MP = 220
SP = MP - 10% of MP
⇒ SP = 220 - 0.1 × 220
⇒ SP = 220 - 22
⇒ SP = 198
Profit % = (198 - 100) /100 × 100
⇒ Profit % = 98%
∴ The correct answer is option (3).
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