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At what percent above the cost price must a person mark the price of an article so that he can enjoy 20% profit after allowing 20% discount? (SSC MTS 2017)
- a)60%
- b)30%
- c)50%
- d)40%
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
At what percent above the cost price must a person mark the price of a...
Let C.P = ₹ 100
Then S.P = ₹ 120
Let marked price be x
Then, 80% of x = 120
∴ Marked price = 50% above C.P.
Then S.P = ₹ 120
Let marked price be x
Then, 80% of x = 120
∴ Marked price = 50% above C.P.
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At what percent above the cost price must a person mark the price of a...
Calculating the Selling Price:
Let's assume the cost price of the article is x. To enjoy a 20% profit after allowing a 20% discount, the selling price must be 1.2x (120% of the cost price after adding 20% profit).
Calculating the Marked Price:
When a 20% discount is given, the selling price becomes 80% of the marked price. So, 80% of the marked price = 1.2x.
Therefore, the marked price = (1.2x) / 0.8 = 1.5x.
Calculating the Percentage Above the Cost Price:
To find the percentage above the cost price, we need to calculate the difference between the marked price and the cost price, and then express it as a percentage of the cost price.
Percentage above cost price = (1.5x - x) / x * 100% = 0.5x / x * 100% = 50%.
Therefore, the person must mark the price of the article 50% above the cost price in order to enjoy a 20% profit after allowing a 20% discount. So, the correct answer is option C - 50%.
Let's assume the cost price of the article is x. To enjoy a 20% profit after allowing a 20% discount, the selling price must be 1.2x (120% of the cost price after adding 20% profit).
Calculating the Marked Price:
When a 20% discount is given, the selling price becomes 80% of the marked price. So, 80% of the marked price = 1.2x.
Therefore, the marked price = (1.2x) / 0.8 = 1.5x.
Calculating the Percentage Above the Cost Price:
To find the percentage above the cost price, we need to calculate the difference between the marked price and the cost price, and then express it as a percentage of the cost price.
Percentage above cost price = (1.5x - x) / x * 100% = 0.5x / x * 100% = 50%.
Therefore, the person must mark the price of the article 50% above the cost price in order to enjoy a 20% profit after allowing a 20% discount. So, the correct answer is option C - 50%.
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At what percent above the cost price must a person mark the price of an article so that he can enjoy 20% profit after allowing 20% discount? (SSC MTS 2017)a)60%b)30%c)50%d)40%Correct answer is option 'C'. Can you explain this answer?
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