On reducing the marked price of his goods by Rs.28, a shopkeeper gains 20%. If the cost price of the article be Rs.560 and it is sold at the marked price, what will be the gain percent?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 25%.
Cost Price = Rs. 560
Gain = 20%
Selling Price = Rs. (560 + 20% of 560) = Rs. (560 + 112) = Rs. 672
Marker Price = Rs. (672 + 28) = Rs. 700
New S.P. = Rs. 700
Profit = Rs. (700 - 560) = Rs. 140
Gain% = (Profit × 100)/C.P. = 14000/560 = 25%