Question : The marked price of a chair was INR 1,000 but it was sold for INR 1,200. What is the percentage increase on the product?
Option 1: 10%
Option 2: 15%
Option 3: 35%
Option 4: 20%
Correct Answer: 20%
Solution :
The marked price of the chair = INR 1,000
The selling price of the chair = INR 1,200
Difference = 1200 – 1000 = 200
$\therefore$ Percentage increase = $\frac{\text{Difference}}{\text{Marked Price}}\times100=\frac{200}{1000}\times100=20\%$
Hence, the correct answer is 20%.
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