When a discount of 15% is allowed on the marked price of an article, it is sold for ₹ 2975.

Calculate its marked price. Given that the marked price. Given that the marked price is 40% above the cost price of the article, calculate:

(i) its cost price

(ii) the profit in ₹ made by the sale of the article.

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Solution

Given:

S.P = ₹ 2975

Discount %= 15%

Let the M.P = X

Discount= M.P × D%

Discount= x× 15%= 15% of X

S.P= M.P - Discount

2975 = x- 15%of X

2975 = X - 15x/100

2975 = (100x - 15x)/100

2975 = 85x /100

X= 297500 /85= 3500

M.P = ₹ 3500

M.P = 40% of C.P + C.P ( given)

3500 = 40C.P/100 + C.P

3500 = (40 C.P + 100C.P)/100

350000 = 140C.P

C.P = 350000/140= 35000/14= 2500

Hence, cost price (C.P) = ₹ 2500

Profit = SP - CP
= 2975 - 2500
= ₹475

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