The percentage profit earned when an article is sold for Rs. 780 is double the percentage profit earned when the same article is sold for Rs. 470. If the marked price of the article is 25% above the cost price, then what is the marked price of the article?
Correct Answer :
200
Solution :
To find the marked price of the article, we can break down the problem into step-by-step calculations: finding the cost price first, and then using it to calculate the marked price.
Step 1: Set up the relation for Cost Price (CP)
Let the cost price of the article be rupees.
The formula for percentage profit is given by:
According to the problem, the percentage profit when sold for Rs. 780 is double the percentage profit when sold for Rs. 470.
Therefore, we can write the equation as:
Step 2: Solve for Cost Price (CP)
We can simplify the equation by dividing both sides by :
Expanding the right side:
Rearranging the terms to solve for :
So, the cost price of the article is Rs. 160.
Step 3: Calculate the Marked Price (MP)
The marked price is 25% above the cost price.
Substituting into the equation:
Thus, the marked price of the article is Rs. 200.
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