The list price of coconut oil is 15% more than its cost price. At what per cent less should it be sold for no profit and no loss?
Answer & explanation
Correct answer: option 2
Let the cost price of the coconut = 100
Markup = 15%
Then the selling price of the coconut = 115% of 100 = 115
Now it should sell at = (115 - 100) × \(\frac{100}{115}\) = $13\frac{11}{23}$ % less for no profit and no loss.