Question
Download Solution PDFA shopkeeper marks his goods 30% higher than the cost price and allows a discount of 10% on the marked price. In order to earn 6.5% more profit, what discount percent should he allow on the marked price?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Mark up percentage on goods = 30%
Discount Percentage = 10%
Formulas used:
Selling Price = Cost Price + Profit
Profit percent = Profit/Cost Price × 100
Discount = Marked Price - Selling Price
Discount percent = Discount/Marked Price × 100
Calculation:
Let the cost price be = 100a
Marked price = 100a + 100a × 30/100 = 130a
Selling price after discount = 130a - 130a × 10/100
⇒ 117a
Selling price for 6.5% more profit = 117a + 100a × 6.5/100
⇒ 117a + 6.5a = 123.5a
∴ New Discount percent = (130a -123.5a)/130 × 100
⇒ 5%
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