Profit and loss Self doubt

Question

The marked price of a table is Rs. 1200, which is 20% above the cost price. It is sold at a discount of 10% on the marked price. Find the profit percent.
(a) 10%
(b) 8%
(c) 7.5%
(d) 6%

What approach can I use for these type of questions?

Answer 1

First understand the terminology of Profit and loss chapter like CP, SP,MP, Discount etc . and then Just try to relate the mathematical part with the sentence part. Just try to visualize what the question saying.

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Given : $MP$ is $1200$ and $MP$ is $20\%$ above $CP$. ( here they are talking about % with respect to CP and not MP)

$\Rightarrow$ $CP + 20\% CP$ = $MP$ 

$\Rightarrow$ $\frac{6}{5}CP =1200$

$\Rightarrow$ $CP = 1000$

$Discount$ = $10\%$ on $MP$ = $\frac{1}{10} *1200 = 120$

$SP$ = $MP - Discount $ = $1200 - 120$ = $1080$

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The story goes like this

The shopkeeper bought the table at Rs $1000$(CP) and told that I will  sell it at Rs $1200$(MP)

One customer came and bought it at Rs $1080$(SP) after getting a discount of Rs $120$.

So the $profit\ earned\ by\ shopkeeper$

=$the\ price\ at\ which\ he\ sold\ - the\ price\ at\ which\ he\ bought$

= $1080 - 1000$

= $Rs\ 80$

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So $Profit\% = \frac{Profit}{CP} * 100\% = \frac{1080-1000}{1000} * 100\% = \frac{80}{1000} * 100\%  = 8 \% $

(NOTE :- Profit % is always calculated wrt to CP )

$\therefore$ Option $B$. $8\%$ is the correct answer.

 

 

Answer 2

Lets say that the cost price is x.

Now x*1.2=1200

so x=1000. So our cost price is 1000.

Now 10% discount of marked price = 1200* 0.9 =1080

which is 8% of 1000 + 1000 = 1080

so ans is b