A shopkeeper marked the price 20% more than its cost price. If he allows a discount of 30%, then find his loss percent.

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Accepted Answer

Let the cost price (CP) be 100 units.

The marked price (MP) is 20% more than CP, so:
MP = 100 + 20% of 100 = 100 + 20 = 120 units.

The shopkeeper allows a discount of 30% on the marked price, so the selling price (SP) is:
SP = MP - 30% of MP = 120 - 0.30 × 120 = 120 - 36 = 84 units.

Now, calculate the loss:
Loss = CP - SP = 100 - 84 = 16 units.

Loss percent = (Loss / CP) × 100 = (16 / 100) × 100 = 16%.

Therefore, the shopkeeper incurs a loss of 16%.

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