Question
Download Solution PDFA shopkeeper allows a discount of 40% on his articles and still makes a profit of 20%. How much cost price does a shopkeeper pay for an article whose marked price is ₹2,400?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The marked price of the article = ₹2,400
Discount allowed = 40%
Profit made = 20%
Formula used:
Selling price = Marked price(MP) - Discount allowed
Profit = Selling price(SP) - Cost price(CP)
Calculation:
According to question
Let MP be 100x
Discount= 40%
Selling Price = 100x - 40x = 60x
From this SP = 60x, Still makes profit = 20%
So, CP = 60x ÷ 120 × 100 = 50x
| CP | MP | SP |
| 50x | 100x | 60x |
| 2400(given) |
CP = 2400 ÷ 100 × 50 = 1200
∴ Cost price is 1200.
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