A dealer's cost price for each fan he would like to sell is ₹2,000. After allowing a discount of 20% on its marked price, he gains 20%. His marked price of the fan is :

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 20 Jul 2023 Shift 4)

Answer 1

Given:

Cost price = 2000

Discount is given on Marked Price = 20%

Profit earned = 20%

Formula used:

S.P. = M.P. - D% of M.P.

C.P. = (S.P. × 100)/(100 + P)

Mark up% = {(M.P. - C.P.)/C.P.} × 100

Where, M.P. = Mark price, C.P. = Cost price, S.P. = Selling price

P = Profit%

Calculation:

Let the M.P. be 100x

Then, S.P. = 100 - 20% of 100

⇒ 100 - (20/100) × 100 = 80x

Now, S.P. = (2000)(100 + 20)/100

⇒ 2400

⇒ 80x = 2400

⇒ x = 30

⇒ M.P = 100x → 30 × 100 = 3000

∴ The markup price is 3000.