Question
A $350 is marked down by 20%. Determine the sale price.
- 330
- 200
- 280
- 170
Hint:
A markdown means a decrease in the original value of a quantity. A markdown percentage means a decrease of a percentage of the original value. In this question, we are given the original selling price and markdown percentage. We have to find the sale price. “Sale price” means the price at which we actually sell the product. It means it is the new selling value.
The correct answers are: 330, 280
The original value of the product is $350. The markdown percentage is 20%.
We have to find the sale price, or in other words, the new value of the product.
The formula for markdown is
Markdown = orginal value – new value
In this case, we can write
Markdown = original selling price – sale price. ...(1)
Now, the markdown percentage is given as
For the above formula, we have all the values except for the sale price. So we will rearrange the formula for the sale price.
To rearrange the formula, we will multiply both sides by the original selling price and divide both sides by 100.
So we get
70 = markdown
Rearranging we get
markdown = 70
Substituting equation (1) in this equation, we get
Spelling price - sale price = 70
Substituting the value of selling price and Rearranging equation for sale price, we get
Sale price = 350 - 70
Sale price = 280
Therefore the value of sale price is $280
So option (c), which is '280' is the right option
A markdown is done if there is error while deciding the initial price. It is also done to promote the sale.
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