Question
Download Solution PDFA tradesman gives a 4% discount on the marked price and gives an article free for buying every 15 articles C and thus gains 35%. Find out by what percentage the marked price is above the cost price.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A tradesman gives a 4% discount on the marked price and gives an article free for buying every 15 articles and thus gains 35%.
Formula used:
Let the cost price of each article be ₹100.
Let the marked price be ₹x.
Discount = 4% of x = 0.04x
Selling price of each article = x - 0.04x = 0.96x
For every 16 articles sold, 1 article is free.
Total cost price of 16 articles = 16 × 100 = ₹1600
Total selling price of 15 articles = 15 × 0.96x
Gain = 35%
Gain = 35% of ₹1600 = 0.35 × 1600 = ₹560
Calculation:
Total selling price = Total cost price + Gain
⇒ 15 × 0.96x = 1600 + 560
⇒ 15 × 0.96x = 2160
⇒ 0.96x = 2160 / 15
⇒ 0.96x = 144
⇒ x = 144 / 0.96
⇒ x = 150
Therefore, the marked price is ₹150.
Percentage above the cost price = ((150 - 100) / 100) × 100
⇒ Percentage above the cost price = (50 / 100) × 100
⇒ Percentage above the cost price = 50%
∴ The correct answer is option (2).
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