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
Rohit buys 8 pens and 4 pencils for Rs. 2400. He sells pencils at a profit of 20 percent and pens at the loss of 10 percent. If his overall profit is Rs. 240, then what is the sum of the cost price of one pen and one pencil?
A man sells a car to his friend at the loss of 10 %; who in return sells it for Rs. 54000 making a profit of 20 %. What was the initial value of the car?
An article was sold at a loss of 24%. If it were sold for Rs. 1,596 more, then there would have been a gain of 18%, The cost price of the article is:
The cost price of an article is Rs.6,450. If it sold at a profit 16%, how much would be its selling price?
If the selling price of 7 articles is equal to the cost price of 6 articles, then what is the percentage loss?
