Results 1 to 5 of 5

Math Help - Profit Loss & Discount Problems

  1. #1
    Member
    Joined
    Nov 2009
    Posts
    78

    Question Profit Loss & Discount Problems

    I am a 13 year old kid. I have got 2 problems relating to profit, loss & discount which I am not able to solve. Can someone please help me out with the 2 problems? Here are they:

    1. How much per cent above the cost price should a shopkeeper mark his goods so that after allowing a discount of 20% on the marked price, he gains 12%?

    2. Ricky marks his goods at 40% above the cost price but allows a discount of 5% for cash payment to his customers. What actual profit does he make, if he receives $1064 after allowing the discount?

    Thanks,

    Ron
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Junior Member
    Joined
    Oct 2008
    Posts
    43
    Quote Originally Posted by rn5a View Post

    1. How much per cent above the cost price should a shopkeeper mark his goods so that after allowing a discount of 20% on the marked price, he gains 12%?
    40%

    Problems like these are sometimes hard to translate to equations, so sometimes I like to pick an easy number...so for this, say the cost is $1. If the cost is $1, the shopkeeper's goal is to receive $1.12 after giving a 20% discount on a marked up price...well, $1.12 is 80% of what (1.12 = .8x ...x=what)? $1.40...is how much percent more than $1? I picked 1 because it is easy to see where the percents are coming from.

    2. Ricky marks his goods at 40% above the cost price but allows a discount of 5% for cash payment to his customers. What actual profit does he make, if he receives $1064 after allowing the discount?
    ok...same concept. the discount is 5% (100-5=95), 1064 is 95% of what? 1120 <- this is the marked up price, 40% above cost...so 1.4x = 1120, x = cost...cost = 800. His profit = received - cost... profit = 1064-800

    $264
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Member
    Joined
    Nov 2009
    Posts
    78
    Thanks mate for the explanation but to be honest I couldn't understand the explanation you have given for the 2nd problem though I could understand the 1st problem. Can you please simplify the explanation of the 2nd problem?

    Thanks,

    Ron
    Follow Math Help Forum on Facebook and Google+

  4. #4
    Member
    Joined
    Nov 2009
    Posts
    78
    OK...I did the 2nd problem in this way (here Selling Price=SP, Cost Price=CP, Marked Price=MP & Discount %=D%):

    SP=1064
    D%=5%

    MP=(SPx100)/(100-D%)
    MP=(1064x100)/(100-5)
    MP=1120

    Let CP be 100
    Thus MP=140

    When MP=140, then CP=100
    When MP=1120, then CP=1120x100/140=800

    Profit=SP-CP
    Profit=1064-800=264

    What I have done above....is it correct?

    & this is how I did the 1st problem:

    Let CP be 100
    P%=12%
    So SP=100+12=112

    D%=20%

    MP=(SPx100)/(100-D%)
    MP=(112x100)/(100-20)
    MP=140

    Therefore % above CP=(140-100)/100x100=40%

    Is it correct?
    Follow Math Help Forum on Facebook and Google+

  5. #5
    Junior Member
    Joined
    Oct 2008
    Posts
    43
    Quote Originally Posted by rn5a View Post
    OK...I did the 2nd problem in this way (here Selling Price=SP, Cost Price=CP, Marked Price=MP & Discount %=D%):

    SP=1064
    D%=5%

    MP=(SPx100)/(100-D%)
    MP=(1064x100)/(100-5)
    MP=1120

    Let CP be 100
    Thus MP=140

    When MP=140, then CP=100
    When MP=1120, then CP=1120x100/140=800

    Profit=SP-CP
    Profit=1064-800=264

    What I have done above....is it correct?

    & this is how I did the 1st problem:

    Let CP be 100
    P%=12%
    So SP=100+12=112

    D%=20%

    MP=(SPx100)/(100-D%)
    MP=(112x100)/(100-20)
    MP=140

    Therefore % above CP=(140-100)/100x100=40%

    Is it correct?
    Both look good to me, bud
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Replies: 1
    Last Post: May 14th 2011, 11:07 AM
  2. Replies: 1
    Last Post: May 14th 2011, 09:16 AM
  3. Profit Loss Problems
    Posted in the Algebra Forum
    Replies: 4
    Last Post: June 21st 2010, 07:17 AM
  4. Profit & Loss
    Posted in the Algebra Forum
    Replies: 1
    Last Post: November 25th 2009, 10:37 PM
  5. Profit & Loss
    Posted in the Algebra Forum
    Replies: 1
    Last Post: August 18th 2008, 12:41 AM

Search Tags


/mathhelpforum @mathhelpforum