Question
Download Solution PDFThe marked price of a newly arrived article shows an increase of 15% on its cost price. Later this marked price was decreased by 20% as the article is outdated. If the cost price of the article is 1,200 then the profit or loss for the shopkeeper with the current selling price is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Cost Price (C.P) = ₹1200
Marked Price (M.P) = 1200 + 15% of 1200 = ₹1380
Discount = 20%
Formula used:
Selling Price (S.P) = Marked Price - Discount
Profit or Loss (%) = [(S.P - C.P) / C.P] × 100
Calculation:
Marked Price (M.P) = ₹1380
Discount = 20% of M.P = (20/100) × 1380 = ₹276
⇒ Selling Price (S.P) = M.P - Discount = 1380 - 276 = ₹1104
Profit or Loss = [(S.P - C.P) / C.P] × 100
⇒ [(1104 - 1200) / 1200] × 100
⇒ (-96 / 1200) × 100 = -8%
The shopkeeper incurs an 8% loss.
The correct answer is option 2.
Last updated on Sep 27, 2023
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