Question

The list price of a fork is 220. A discount of 20% on sales is announced. What is the amount of discount on it and its selling price?

Answer 1

Hint: It is given that the list price of a fork is Rs. 220 and a discount of 20% is given, means that the discount amount is equal to 20% of 220. Also, we are asked the selling price, so if we subtract the discount amount from the list price, we get the selling price.

Complete step-by-step answer:
Let us start the solution to the above question by finding the amount of discount given. It is given that the discount given is 20% of the list price.
$\text{discounted amount}=20\%\text{ of list price}=20\%\text{ of 220}$
$\Rightarrow \text{discounted amount}=\dfrac{20}{100}\times 220=\text{Rs}\text{. }44$
Now we know that if we subtract the discount amount from the list price it will give the selling price. Also, it is given that the list price is Rs. 220 and discount amount is Rs. 44.
$\therefore \text{Selling price}=\text{list price}-\text{discount amount}=220-44=\text{Rs}\text{. }176$
Therefore, we can conclude that the discounted amount is Rs. 44 and the selling price is Rs. 176.

Note: Remember that the list price is the price for which the product would have been sold if there was no discount given, so don’t confuse it with the cost price of the product. Generally, the list price is called as the MRP in daily life, i.e., maximum retail price. The importance of MRP is that the selling price might vary from buyer to buyer depending on the bargain they put in, but the percentage should be defined from a fixed mark so that you can easily handle it. The reason that most products in the market have an MRP tag on it making it easier for all the sellers to handle their margins.