A television set cost a dealer 102. At what price should he...

A television set cost a dealer $\$ 102$. At what price should he mark the set so that he can give a discount of $15 \%$ from the marked price and still make a profit $20 \%$ on the selling price?

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Key Concepts

Cost Price

Cost price is the amount a dealer pays for acquiring a product. It serves as the baseline for profit calculations, ensuring that any pricing strategy covers the expense and yields a desired profit margin.

Marked Price

Marked price is the initial price set or displayed on a product before any discounts are applied. It is strategically determined so that after offering a discount, the resulting selling price still allows the seller to achieve the desired profit.

Selling Price

Selling price is the final price at which a product is sold after applying any discounts. It is calculated to include both the cost of the product and the profit margin that the seller intends to earn.

Discount

Discount refers to a reduction from the marked price, usually expressed as a percentage. It is used as a marketing strategy to attract customers while ensuring that the final selling price still meets profit objectives.

Profit Percentage

Profit percentage is the ratio of the profit earned to the cost price, expressed as a percentage. It is a key metric that helps in setting prices such that the seller achieves a target profit margin on the selling price.

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