Step-by-Step Solution
- Assume the Cost Price (CP):
Let the Cost Price of the item be 100.
CP = 100
- Calculate the Marked Price (MP):
The shopkeeper fixes the marked price 100% above the cost price.
MP = CP + 100% of CP
MP = 100 + 100 = 200
- Calculate the required Selling Price (SP):
To gain 88%, the item must be sold for 88% more than the cost price.
SP = CP + 88% of CP
SP = 100 + 88 = 188
- Calculate the Discount Amount:
The discount is the difference between the Marked Price and the Selling Price.
Discount = MP - SP
Discount = 200 - 188 = 12
- Calculate the Discount Percentage:
The discount percentage is always calculated on the Marked Price (MP).
Discount % = (Discount / MP) × 100
Discount % = (12 / 200) × 100
Discount % = 6%
Important Questions from Profit and Loss
By selling an article for Rs. 2,200, a profit of 10% is earned. If the same article is sold for Rs. 2,600, then what will be the gain percentage?
By selling an article for Rs. 640, a person loses 15% of its selling price. At what price (in Rs.) should he sell it to gain 15% on its cost price?
The selling prices of articles A and B are the same. A is sold at a profit of 28 percent and B is sold at a loss of 24 percent. If the total selling price of the both articles is Rs. 48640, then what is the cost price of A and B, respectively ?
The cost price of an article is Rs. 2800. Profit as a percentage of selling price is 20 percent. What is the actual profit (in Rs.) ?
A trader bought 640 kg of rice. He sold a part of rice at 20% profit and the rest at 5% loss. He earned a profit of 15% in the entire transaction. What is the quantity (in kg) of rice that he sold at 5% loss?
