A shopkeeper raises the price of a cycle by 5% above the market price and charges 12% saves sales tax on the market price. As a result, a customer has to pay Rs. 4680 for the cycle. What is the market price of the cycle?
Answer: 4000
Explanation
Market price = x
Price after 5% increase = x + 0.05x = 1.05x
Sales tax = 12% of x = 0.12x
Total price paid by customer = 1.05x + 0.12x = 1.17x
Given that the total price paid is Rs. 4680:
1.17x = 4680
x = 4680 / 1.17
x = 4000
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