A shopkeeper buys an item for 2000 and marks it up by 50% to set the marked price. He then offers a 20% discount on the marked price. What is the profit earned by the shopkeeper?
A shopkeeper buys an item for 2000 and marks it up by 50% to set the marked price. He then offers a 20% discount on the marked price. What is the profit earned by the shopkeeper?
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Solution and Explanation
To solve the problem, we need to find the profit earned by the shopkeeper after applying a markup and a discount.
1. Finding the Marked Price:
The cost price (CP) of the item is ₹2000. The shopkeeper marks up the price by 50%.
Marked Price (MP) = CP + 50% of CP
$ = 2000 + \frac{50}{100} \times 2000 = 2000 + 1000 = ₹3000 $
2. Applying the Discount:
A discount of 20% is given on the marked price.
Selling Price (SP) = MP - 20% of MP
$ = 3000 - \frac{20}{100} \times 3000 = 3000 - 600 = ₹2400 $
3. Calculating the Profit:
Profit = SP - CP
$ = 2400 - 2000 = ₹400 $
Final Answer:
The profit earned by the shopkeeper is ₹400.
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