Question : After allowing a discount of 12% on the marked price a shopkeeper still gains 21%. The marked price is above the cost price by:
Option 1: 25%
Option 2: 30%
Option 3: 37.5%
Option 4: 42.5%
Correct Answer: 37.5%
Solution :
Let the marked price be 100.
12% discount on marked price.
$\therefore$ Selling price = 100 – 12 = 88
He still gains 21%.
$\therefore$ Cost price = $\frac{100}{100+21}×88$ = 72.73
Difference = marked price – cost price = 100 – 72.73 = 27.37
$\therefore$ Required percentage $=\frac{27.37}{72.73}×100=37.5\%$
Hence, the correct answer is 37.5%.
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