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Last updated date: 27th Nov 2023
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MVSAT Dec 2023

Find the net price when the marked price is Rs.274 and discount $7\dfrac{1}{2}\%$.

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Hint: We are required to find the new price of the object which has been sold at a discount of$7\dfrac{1}{2}\%$ and also the marked price is given. For this, we need to be aware of certain terms such as the marked price, discount and so on. We will first calculate the amount of discount given and then we will subtract this from the marked price to obtain the net price.

Complete step by step answer:
We first will see the definition of some terms.
The price on the label of an article is called its marked price(list price).
The deduction on the marked price is called discount.
Discount can be calculated using the formula:
Discount = Marked price – Selling price
Now, we will see what formula we use when the Discount is given in terms of percentage:
Discount percentage =$\dfrac{\text{Discount}\times 100}{\text{Marked price}}$
Using both of these formula, we will calculate the net price(selling price):
From the above formula we have:
$7\dfrac{1}{2}\% =\dfrac{\text{Discount}\times 100}{274}$
$\implies \dfrac{15}{2}\times 274=\text{Discount}\times 100$
$\implies \text{Discount}=20.55$
Now, we use the formula:
Discount = Marked price – Selling price
We get using this formula:
Selling price=Marked price-Discount
$\implies$ Selling price=$274-20.55=Rs. 253.45$

Note: You should be aware about all the formulae regarding the discount, marked price and other terms. You need to make sure that you are not mixing these terms up. Make sure that you don’t make any calculation mistakes. Moreover, while calculating the selling price, do not forget to subtract the discounted amount out of the marked price.