A shopkeeper sells an article for $240 after allowing a discount of 20%. What is

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Question: A shopkeeper sells an article for $240 after allowing a discount of 20%. What is the marked price?

Options:

Correct Answer: $300

Solution:

Let the marked price be x. Then, 240 = x - 0.2x => 240 = 0.8x => x = 240/0.8 = $300.

A shopkeeper sells an article for $240 after allowing a discount of 20%. What is the marked price?

A shopkeeper sells an article for $240 after allowing a discount of 20%. What is the marked price?

Step 1: Understand that the shopkeeper sells an article for $240 after giving a discount of 20%.
Step 2: Let the marked price (the original price before discount) be represented by 'x'.
Step 3: Since a 20% discount is given, the selling price is 80% of the marked price. This can be written as: Selling Price = Marked Price - Discount.
Step 4: Write the equation for the selling price: 240 = x - 0.2x.
Step 5: Simplify the equation: 240 = 0.8x.
Step 6: To find 'x', divide both sides of the equation by 0.8: x = 240 / 0.8.
Step 7: Calculate the value: x = 300.
Step 8: Conclude that the marked price is $300.

Discount Calculation – Understanding how to calculate the marked price from the selling price after applying a discount.
Percentage Understanding – Applying percentage concepts to determine the relationship between marked price, selling price, and discount.