A shopkeeper marked a product, 20% above the cost price and sold the product for Rs. 4860 by giving two successive discounts of 10% each. Find the cost price of the product and the loss percentage of the shopkeeper.a.Rs.5000,2.4%b.Rs.6000,2.8%c.Rs.6000,2.8%d.Rs.5000,2.8%
Question
A shopkeeper marked a product, 20% above the cost price and sold the product for Rs. 4860 by giving two successive discounts of 10% each. Find the cost price of the product and the loss percentage of the shopkeeper.a.Rs.5000,2.4%b.Rs.6000,2.8%c.Rs.6000,2.8%d.Rs.5000,2.8%
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price of the product is Rs. x.
Step 2: The shopkeeper marked the product 20% above the cost price. So, the marked price will be Rs. x + 20% of x = 1.2x.
Step 3: The shopkeeper gave two successive discounts of 10% each on the marked price. When successive discounts are given, the net discount can be calculated using the formula: d = a + b - ab/100, where a and b are the two discounts. So, the net discount is 10 + 10 - (10*10)/100 = 19%.
Step 4: The selling price of the product after the discount is Rs. 4860. So, 1.2x * (1 - 19/100) = 4860. Solving this equation, we get x = Rs. 5000.
Step 5: The loss percentage of the shopkeeper is calculated as (Cost Price - Selling Price) / Cost Price * 100. So, the loss percentage is (5000 - 4860) / 5000 * 100 = 2.8%.
So, the cost price of the product is Rs. 5000 and the loss percentage of the shopkeeper is 2.8%. Therefore, the correct answer is option d. Rs.5000, 2.8%.
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