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?
Question
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?
Solution
To solve this problem, we need to understand that the shopkeeper initially marks up his goods by 60%. This means that the cost price is 100% and the marked price becomes 160% of the cost price.
If the shopkeeper makes no profit or loss, it means that the selling price is equal to the cost price, which is 100%.
The discount offered by the shopkeeper is the difference between the marked price and the selling price.
So, the discount percentage is calculated as follows:
Discount = Marked Price - Selling Price Discount = 160% - 100% = 60%
Therefore, the shopkeeper offered a discount of 60%.
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