The marked price and the cost price of an article are in the ratio 3 : 2. The discount percentage offered before selling it and the profit/loss percentage made on it are in the ratio 2 : 3. Find the profit/loss percentage.
Question
The marked price and the cost price of an article are in the ratio 3 : 2. The discount percentage offered before selling it and the profit/loss percentage made on it are in the ratio 2 : 3. Find the profit/loss percentage.
Solution
Step 1: Let's denote the marked price (MP) as 3x and the cost price (CP) as 2x, according to the given ratio.
Step 2: The discount percentage and the profit percentage are given in the ratio 2:3. Let's denote the discount percentage as 2y and the profit percentage as 3y.
Step 3: The selling price (SP) can be calculated as follows: SP = MP - Discount. In terms of x and y, this becomes SP = 3x - 2xy/100.
Step 4: We also know that SP = CP + Profit. In terms of x and y, this becomes SP = 2x + 3xy/100.
Step 5: Now, we can equate the two expressions for SP and solve for y.
3x - 2xy/100 = 2x + 3xy/100
Step 6: Simplifying the equation gives us: 5xy = 100x
Step 7: Solving for y gives us: y = 20
Step 8: Substituting y = 20 into the expression for the profit percentage (3y) gives us the profit percentage: Profit% = 3*20 = 60%.
So, the profit percentage is 60%.
Similar Questions
If the cost price of an article is 3535of its selling price, find profit/loss percent.66.66% loss66.66% profit33.33% loss33.33% profit
If the selling price of an article is 4 times to the discount offered and discount percent is equal to profit percent, find the ratio of discount offered to cost price.
Two articles are sold by a shopkeeper. One of them is sold for 10% profit. Its selling price equals the cost price of the other article, which is sold for 10% loss. Find the effective profit/loss percentage approximately.
Cost price of 90 articles is same as the selling price of 80 articles. What is the profit or loss percentage obtained through this transaction?Question 13Answera.12.5% profitb.8.5% profitc.7.5% profitd.12.5% Loss
The ratio of the cost prices of article 'A' and article 'B' is 7:5, respectivelywhile the ratio of their selling prices is 7:3, respectively. The difference betweentheir selling prices is Rs. 2000. If article 'B' is sold at 25% loss, then find theprofit/loss percentage of article 'A'.A - 20%B- 25%C- 15%D- 10%E - 40%
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.