

[?]Subscribe To This Site

Discount
Marked Price:In big shops and departmental stores, every article is tagged with a card and its price is written on it. This is called the marked price of that article, abbreviated as MP.For books, the printed price is the marked price. List Price:Items which are manufactured in a factory are marked with a price according to the list supplied by the factory, at which the retailer is supposed to sell them. This price is known as the list price of the article.Discount:In order to increase the sale or clear the old stock, sometimes the shopkeepers offer a certain percentage of rebate on the marked price. This rebate is known as discount.Notes: The discount is always reckoned on the marked price. Selling price = (marked price)  (discount)'selling price' is the amount you actually pay for the thing when you purchase. 'marked price' is the general price of the thing without any discount. 'discount' is a percentage of the marked price. Workedout problems related on discount, selling price and marked price based on the above formula are discussed below with a detailed explanation. 1. The marked price of a ceiling fan is $ 1250 and the shopkeeper allows a discount of 6% on it. Find the selling price of the fan. Solution: Marked price = $ 1250 and discount = 6%. Discount = 6% of Marked Price = (6% of $ 1250) = $ {1250 × (6/100)} = $ 75 Selling price = (Marked Price)  (discount) = $ (1250  75) = $ 1175. Hence, the selling price of the fan is $ 1175. 2. A trader marks his goods at 40% above the cost price and allows a discount of 25%. What is his gain percent? Solution: Let the cost price be $ 100. Then, marked price = $ 140. Discount = 25% of Marked Price = (25% of $ 140) = $ {140 × (25/100) = $ 35. Selling price = (marked price)  (discount) = $ (140  35) = $ 105. Gain% = (105  100) % = 5%. Hence, the trader gains 5%. 3. A dealer purchased a washing machine for $ 7660. He allows a discount of 12% on its marked price and still gains 10%. Find the marked price of the machine. Solution: Cost price of the machine = $ 7660, Gain% = 10%. Therefore, selling price = [{(100 + gain%)/100} × CP] = $ [{(100 + 10)/100} × 7660] = $ [(110/100) × 7660] = $ 8426. Let the marked price be $ x. Then, the discount = 12% of $x = $ {x × (12/100)} = $ 3x/25 Therefore, SP = (Marked Price)  (discount) = $ (x  3x/25) = $ 22x/25. But, the SP = $ 8426. Therefore, 22x/25 = 8426 ⇒ x = (8426 × 25/22) ⇒ x = 9575. Hence, the marked price of the washing machine is $ 9575. 4. How much per cent above the cost price should a shopkeeper mark his goods so that after allowing a discount of 25% on the marked price, he gains 20%? Solution: Let the cost price be $ 100. Gain required = 20%. Therefore, selling price = $ 120. Let the marked price be $x. Then, discount = 25% of $x = $ (x × 25/100) = $ x/4 Therefore, selling price = (Marked Price)  (discount) = $ {x  (x/4) = $ 3x/4 Therefore, 3x/4 = 120 ⇔ x = {120 × (4/3)} = 160 Therefore, marked price = $ 160. Hence, the marked price is 60% above cost price. Successive Discounts:If two or more discounts are allowed one after the other then such discounts are known as successive discounts or discounts in series.Suppose a discount of 25% is given on an article. Then on the reduced price a discount of 15% is given. In such a case, we say that successive discounts of 25% and 15% are given. 5. Find the single discount equivalent to two successive discounts of 20% and 10%. Solution:
● Profit, Loss and Discount  Worksheets
7th Grade Math Problems


