A shopkeeper allows a discount of 10% on the marked price and still gains 17%…
2024
A shopkeeper allows a discount of 10% on the marked price and still gains 17% on the whole. Find at what percent above the cost price did he Mark his goods?
- A.
35%
- B.
40%
- C.
60%
- D.
30%
Attempted by 14 students.
Show answer & explanation
Correct answer: D
Let the cost price be C and the marked price be M.
Key equation: 0.9M = 1.17C
Therefore M = (1.17 ÷ 0.9)C = 1.3C.
So the marked price is 130% of the cost price, i.e., 30% above cost.
Numeric check: If cost price = 100, selling price after 17% gain = 117.
Marked price = 117 ÷ 0.9 = 130, which is 30 more than 100, so 30% above cost.