A shopkeeper fixes the marked price of an item 25% above its cost price.Find the percentage of discount allowed to gain 10%?10%12%14%20%
Question
A shopkeeper fixes the marked price of an item 25% above its cost price.
Find the percentage of discount allowed to gain 10%?
Options:
- 10%
- 12%
- 14%
- 20%
Solution
Step 1: Let's assume the cost price of the item is 100 units.
Step 2: The shopkeeper marks up the price by 25%, so the marked price becomes 125 units.
Step 3: The shopkeeper wants to gain 10% on the cost price, so the selling price should be 110 units.
Step 4: Now, we need to find out the discount given on the marked price. The discount is the difference between the marked price and the selling price, which is 125 - 110 = 15 units.
Step 5: To find the percentage of the discount, we divide the discount by the marked price and multiply by 100. So, (15/125) * 100 = 12%.
So, the shopkeeper allowed a discount of 12% to gain 10%.
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