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Question 92
What percent on the cost price of an article should a business man mark onhis article so that he allows a discount of 30% on it and minimizes his loss to 2%?
Solution
Let the marked price be MP. After giving a discount of 30% on it, loss incurred is 2%
hence, we can say that 0.7MP = 0.98CP
Thus MP = (0.98/0.7)CP = 1.4*CP
Hence, marked price must be 40% above the cost price of the article
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