Knowee
Questions
Features
Study Tools

The List Price of an item was kept 40% above what the shopkeeper had paid to the manufacturer. On selling the item a profit of 8.64% was earned after allowing two successive discounts, the first one of which was 20%. What was the percentage of the second discount?

Question

The List Price of an item was kept 40% above what the shopkeeper had paid to the manufacturer. On selling the item a profit of 8.64% was earned after allowing two successive discounts, the first one of which was 20%. What was the percentage of the second discount?

🧐 Not the exact question you are looking for?Go ask a question

Solution

Let's break this down step by step:

  1. The shopkeeper marked up the price by 40%. Let's assume the cost price (the price the shopkeeper paid to the manufacturer) is 100 units. So, the marked price becomes 140 units.

  2. The shopkeeper then gives two successive discounts. The first discount is 20%. So, the price after the first discount is 80% of the marked price. This is 80/100 * 140 = 112 units.

  3. The shopkeeper still makes a profit of 8.64% after the second discount. This means the selling price is 108.64 units (because 100 units + 8.64% of 100 units = 108.64 units).

  4. Now, we need to find the second discount. The second discount is the difference between the price after the first discount and the selling price, expressed as a percentage of the price after the first discount.

    So, the second discount = [(112 - 108.64) / 112] * 100 = 3% (approximately).

So, the percentage of the second discount is approximately 3%.

This problem has been solved

Similar Questions

A shopkeeper marks his goods up by 60% and then offers a discount on the marked price. If the final selling price after the discount results in the shopkeeper making no profit or loss, what was the percentage discount offered by the Shopkeeper?

A shopkeeper sells a bicycle at a profit of 11.11%. If he had bought it at 16.66% less and sold it at Rs 400 less, he would have made a profit of 6.66% . What should be the list price of the bicycle in the case he gave a discount of 10% and thereby gained 20% on the transaction?

A bookseller bought 100 copies of a book and marked its price at 40% above the cost price. He sold 40 books giving a discount of 10% and the remaining at a discount of 20%. What is his overall profit percentage?16.80%17.60%20%22%None

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%

A shopkeeper marked an article 40% above its cost price and allowed a discount of 20%. Had he marked the article 50% above its cost price and allowed a discount of 12%, the selling price would have been Rs. 90 more than the earlier selling price. Find 130% of the cost price.

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.