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Question
A shopkeeper buys a watch for Rs 2,500 and marks up its price. A customer buys the watch for Rs 3,300 which includes a sales tax of 10% on the marked up price. Find the mark-up percentage on the price of the watch. Also, find his profit percentage.
Solution
Let marked up price be x
Cost of the watch =Rs (2,500 + x)
Sales tax = 10 % of the marked up price
=`10/100 xx` Rs (2500 + x)
= Rs `(2500 + x)/10`
Total cost =
= Rs (2500 + x) + `(2500 + x)/10`
= `(25000 + 10 x + 2500 + x)/10`
= `(27500 + 11 x)/10`
But total cost = 3,300
⇒ `(27500 + 11 x)/10` = Rs 3300
⇒ 27,500 + 11 x = Rs 33,000
⇒ 11 x = Rs 5,500
⇒ x = Rs 500
Increase in price = Rs 500
Percentage increase in mark up price
= `500/2500 xx 100 = 20 %`
Hence, percentage increase in mark up price = 20 %
His profit = (increased price - cost price)
=Rs (3,000 - 2,500) = Rs 500
His profit percentage = `500/2500 xx 100 = 20 %`
Hence, his profit percentage = 20 %
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