A person marks his goods x% above the cost price and allows a discount of 12% on the marked price. If his profit is 10%, then the difference between x% and the profit percentage is:

Question

Question

This question was previously asked in

SSC CGL 2023 Tier-I Official Paper (Held On: 24 Jul 2023 Shift 4)

Answer 1

Given:

Discount = 12%

Profit = 10%

MP is x% above the CP

Formula Used:

P = SP – CP

D = MP – SP

SP = {(100 + P%)/100} × CP

SP = {(100 – D%)/100} × MP

Where P is Profit, CP is cost price, SP is selling price, MP is maximum retail price and D is discount.

Calculation:

SP = {(100 + 10)/100} × CP

⇒ SP = (110/100) × CP

MP = {(100 + x)/100} × CP

SP = 88% of MP

⇒ SP = 88/100 × {(100 + x)/100} × CP

⇒ (110/100) × CP = 88/100 × {(100 + x)/100} × CP

⇒ 110 = 88 × (100 + x)/100

⇒ 1000 = 8 × (100 + x)

⇒ 125 = 100 + x

⇒ x = 25.

The difference between x% and the profit percentage = 25 - 10

⇒ 15%

The difference between x% and the profit percentage is 15%.