Question
A shopkeeper increased the price of an article by ‘x’% above its cost price and then sold it after applying two successive discounts of 20% and 10%. If his overall profit from this transaction was 8%, determine the value of ‘x’.
Solution
Let the cost price of the article = Rs. 100
Marked price of the article = 100 × {(100 + x)/100} = Rs. (100 + x)
Selling price of the article = (100 + x) × 0.80 × 0.90 = 108
72 + 0.72x = 108
0.72x = 36
x = 50
So, the value of ‘x’ = 50%
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