Mathematics
Grade-7
Easy
Question
The cost of a bike is listed at 30% off the marked price. If the marked price is $2000, then find the cost price.
- 1590
- 1080
- 1600
- 1400
Hint:
A markdown is a decrease in the selling price. “And markdown percent” means a decrease in the percentage of the original selling price. The question says the “marked price” means the selling price is $2000. The markdown percentage is 30%. We have to find the cost price of the bike.
The correct answer is: 1400
The original selling price is $2000. And the new selling price is 30% off. It means the markdown percentage is 30%.
When there is decrease is value it's the case of markdown percentage.
Let's see the formula for markdown percentage
Incase of a markdown, there is decrease in percentage of selling price.
For the above formula, we have all values except for the cost price. So we will rearrange the formula to get the cost price. To rearrange the above forumula, we will multiply L.H.S and R.H.S of the above equation by selling price. And we will divide both the sides by 100. Then we get the formula as follows:
We will substitute the respective values.
600 = 2000 - cost price
Rearranging the above equation, we get
Cost price = 2000-600
Cost price = 1400
So the cost price of the bike is $1400.
Therefore option (d), which is '$1400' is the right option.
A markdown in the price is done to clear up the errors in the original price. It is also done to promote the products and increase their sales. We have to be careful that when we calculate markdown percentage, it's a decrease in percentage of selling price. In addition, the mark-up percentage is increased as a percentage of the cost price.
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