The marked price of a bed is ₹517, which is 30% above the cost price. If the profit percent is 2%. Find the discount percentage. (rounded off to two decimal places)
- AOption (a)
21.54%
- BOption (b)
20.36%
- COption (c)
24.06%
- DOption (d)
18.57%
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Correct answer
21.54%
Why this answer is correct
Shortcut Trick
The exact value of the marked price (₹517) is a distractor and not needed to find the percentage.
Let the Cost Price (CP) be 100 units.
Marked Price (MP) is 30% above CP ⇒ MP = 130 units.
Profit is 2% on CP ⇒ Selling Price (SP) = 102 units.
Discount = MP − SP = 130 − 102 = 28 units.
Discount % = (28 ÷ 130) × 100 = 21.538% ≈ 21.54%.
∴ The correct answer is 21.54%.
Alternate Method
Given:
Marked Price (MP) = ₹517
Markup % = 30%
Profit % = 2%
Formula Used:
Discount % = [(MP − SP) ÷ MP] × 100
CP = 100a
SP = 102a
MP = 130a
+30% Markup
+2% Profit
Discount = 28a
Discount % = (28a ÷ 130a) × 100 ≈ 21.54%
Calculations:
⇒ Let Cost Price (CP) = 100a.
⇒ Marked Price (MP) = 100a + 30% of 100a = 130a.
⇒ Selling Price (SP) = 100a + 2% of 100a = 102a.
⇒ The given MP is ₹517. Thus, 130a = 517 ⇒ a = 517 ÷ 130.
⇒ Discount = MP − SP = 130a − 102a = 28a.
⇒ Discount % = (Discount ÷ MP) × 100
⇒ Discount % = (28a ÷ 130a) × 100
⇒ Discount % = (28 ÷ 130) × 100 = 280 ÷ 13
⇒ Discount % = 21.538... % ≈ 21.54%
(Note: The multiplier 'a' naturally cancels out, proving the exact marked price value is mathematically unnecessary.)
∴ The correct answer is 21.54%.
Additional Information
Direct Ratio Formula
The relationship between Cost Price (CP) and Marked Price (MP) can be established directly using the formula: CP ÷ MP = (100 − Discount %) ÷ (100 + Profit %).
Successive Discounts
When two successive discounts of a% and b% are given, the equivalent single discount is given by [a + b − (a × b) ÷ 100]%.
Markup Percentage
Markup is the amount added to the Cost Price to set the Marked Price. It is always calculated on the Cost Price: Markup % = [(MP − CP) ÷ CP] × 100.
