The cost price and the marked price of an item are ₹720 and ₹900 respectively. When it is sold at a discount of x%, the profit is $\frac{5 x}{3}$%, what is the value of x ?
Answer & explanation
Correct answer: option 4
CP = Rs. 720
MP = Rs. 900
According to the question,
900 × \(\frac{(100 - m) }{100}\) = 720 × \(\frac{(300 + 5m) }{300}\)
⇒ 900 × (100 - m) = 720 × \(\frac{(300 + 5m) }{3}\)
⇒ 90000 – 900m = 240 × (300 + 5m)
⇒ 90000 – 900m = 72000 + 1200m
⇒ 2100m = 18000
⇒ m = \(\frac{18000}{2100}\)
⇒ m = \(\frac{60}{7}\)
⇒ m = $8 \frac{4}{7}$