Question
Download Solution PDFA shopkeeper allows a discount of 10% on the marked price of an item but charges a sales tax of 8% on the discounted price. If the customer pays ₹ 34,020 as the price including the sales tax, then what is the marked price?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Discount = 10%
Sales Tax = 8%
Price including tax = ₹34,020
Formula used:
Let the marked price be M
Discounted Price = M × (1 - Discount%)
Price including tax = Discounted Price × (1 + Sales Tax%)
Calculation:
Let the marked price be M
Discounted Price = M × (1 - 0.10)
⇒ Discounted Price = M × 0.90
Price including tax = Discounted Price × (1 + 0.08)
⇒ ₹34,020 = M × 0.90 × 1.08
⇒ ₹34,020 = M × 0.972
⇒ M = ₹34,020 / 0.972
⇒ M = ₹35,000
∴ The correct answer is option 1.
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