A shopkeeper marks an article 20% above its cost price and allows a discount such that he gains 10% on the cost price. If the marked price is Rs 600, then find the selling price (in Rs) of the article.

Explanation

​ Information Given: Marked Price (MP) = Rs 600 Marked up by 20% above Cost Price (CP) Profit = 10% on Cost Price Concept/Formula Used: MP = CP × (1 + Markup%) SP = CP × (1 + Profit%) Explanation: MP = CP × 1.20 600 = CP × 1.20 CP = 600 / 1.20 = Rs 500 Now, profit is 10% on CP: SP = CP × 1.10 SP = 500 × 1.10 = Rs 550 Hall Approach