Question
A shopkeeper marks up an item by 25%. If he
increases the discount from 12% to 14%, the profit will decrease by Rs. 70. Find the selling price of the item in order to earn a profit of 40%.Solution
Let, cost price of item be Rs. x.
So, mark price = Rs. 1.25x
According to question,
1.25x [0.88 – 0.86] = 70
1.25x = 3500
x = 2800
Therefore, required selling price = 2800 × 1.40 = Rs. 3920
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