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Question
A shopkeeper bought an article for Rs. 3,450. He marks the price of the article 16% above the cost price. The rate of sales tax charged in the article is 10%
Find the:
1) market price of the article.
2) price paid by a customer who buys the article
Solution
Cost price of an article = Rs. 3,450
1) Marked price of the article = Cost price + 16% of the Cost price
`= 3450 + 16/100 xx 3450`
= 3450 + 552
= Rs 4002
2) Price pad by the customer = Marked price + Sales Tax
`= 4002 + 10/100 xx 4002`
= 4002 + 400.2
= Rs 4402.20
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