A shop owner generally gives 30% discount on all products. But during

1.	A shop owner generally gives 30% discount on all products. But during Diwali he decided to bump up the marked price 20% over the previous marked price and gave a discount of 40%. What is the percentage change in his selling price during Diwali?1. 2.862. 2.963. 3.164. 4.965. None of these
Answer» Correct Answer - Option 1 : 2.86 GIVEN : The shop owner gave 40% discount instead of 30% during Diwali but he also bumped up the MP by 20%. CONCEPT : This is a profit and loss problem revolving around MP and discount. Here, we don’t need to calculate the CP. ASSUMPTION : Let’s take the initial MP = 100x CALCULATION : So, MP during Diwali = 100x × 120/100 = 120x SP in Non-Diwali days = 100x × 70/100 = 70x SP in Diwali days = 120x × 60/100 = 72x Percentage change in SP = \(\frac{{\left( {72x - 70x} \right)}}{{70x}} \times 100 = \frac{{20}}{7} = 2.86\% \)

A shop owner generally gives 30% discount on all products. But during Diwali he decided to bump up the marked price 20% over the previous marked price and gave a discount of 40%. What is the percentage change in his selling price during Diwali?1. 2.862. 2.963. 3.164. 4.965. None of these

Answer» Correct Answer - Option 1 : 2.86

GIVEN :

The shop owner gave 40% discount instead of 30% during Diwali but he also bumped up the MP by 20%.

CONCEPT :

This is a profit and loss problem revolving around MP and discount. Here, we don’t need to calculate the CP.

ASSUMPTION :

Let’s take the initial MP = 100x

CALCULATION :

So, MP during Diwali = 100x × 120/100 = 120x

SP in Non-Diwali days = 100x × 70/100 = 70x

SP in Diwali days = 120x × 60/100 = 72x

Percentage change in SP = \(\frac{{\left( {72x - 70x} \right)}}{{70x}} \times 100 = \frac{{20}}{7} = 2.86\% \)

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