A vendor marks his goods at such a price that he can give a discount of 24% for cash payment and yet make 20% profit. Find the market price of an item which cost him Rs. 275.50.
Solution
Correct Answer: Option C
Let the Marked Price(M.P.) of the item be Rs.x.
Price after a discount of 24% = x – (24% of x) = x – 0.24x = 0.76x
Profit % = \(\frac{{S.P. - C.P.}}{{C.P.}} \times 100\)
⇒ 20 C.P. = 100 × (0.76x – C.P.)
⇒ 20 C.P. + 100 C.P. = 76x
⇒ 120 C.P. = 76x
⇒ 120 × 275.50 = 76x
⇒ x = 435
∴ Marked price of the item =Rs. 435
Practice More Questions on Our App!
Download our app for free and access thousands of MCQ questions with detailed solutions