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01 Nov 2024, 19:47
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Bookmarks
Here is my approach -
Let the cost price be : x
Selling price : x * y(markup)
CP - 20y
Final SP : 15*x*y*0.2
Given % profit = 20%
1/5 = 15*x*y*.2 - 20y / 20y
x= 2
ie 100% increase
Let the cost price be : x
Selling price : x * y(markup)
CP - 20y
Final SP : 15*x*y*0.2
Given % profit = 20%
1/5 = 15*x*y*.2 - 20y / 20y
x= 2
ie 100% increase
02 Nov 2024, 10:49
Kudos
Bookmarks
The question is hard because it is checking your attention to detail, took me 5 minutes to realize that the question is asking about the "MARKED" price and not the price he sold at 
Let's take the Marked price as $100
The dealer offered an upfront 20% Discount, therefore he wants to sell at $80.
The customer bargained ON TOP of this discounted price and got 20 items for a price of 15 items (or 25% discount), therefore the dealer sold the items at 80*0.75 = $60. At this price, he still booked a profit of 20%, therefore his cost of the items must be 60*5/6 = $50. We took the MP as $100, therefore he is marking up the items by 100%.
Let's take the Marked price as $100
The dealer offered an upfront 20% Discount, therefore he wants to sell at $80.
The customer bargained ON TOP of this discounted price and got 20 items for a price of 15 items (or 25% discount), therefore the dealer sold the items at 80*0.75 = $60. At this price, he still booked a profit of 20%, therefore his cost of the items must be 60*5/6 = $50. We took the MP as $100, therefore he is marking up the items by 100%.
17 Jan 2025, 05:02
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Let cost price per item = C
Let Marked price per item= 100
Discounted price per item= 80
Money earned by selling 20 items = 15*80= 1200
1200 - 20*C = 1/5
20*C
1200 - 20C = 4C
C=50
Marked price = 100
Hence, Marked up by 100%
Let Marked price per item= 100
Discounted price per item= 80
Money earned by selling 20 items = 15*80= 1200
1200 - 20*C = 1/5
20*C
1200 - 20C = 4C
C=50
Marked price = 100
Hence, Marked up by 100%
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