A person marks his goods x% above the cost price and allows a discount of 30% on the marked price. If his profit is 5%, then value of x will be?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 50%
Let us assume the cost price to be 100
Then, according to the question
SP = 105 (5% profit)
MP - (30/100) × MP = 105
x - (3/10) × x = 105
10x - 3x = 1050
x = 1050/7
x = 150
Marked price = 150 - 100
= 50%