An induction stove marked 3750 is available for 3200 after discount. Find the rate of discount.

Hint: First find the amount of discount given on the induction by subtracting the selling price from the marked price. Next, apply the formula of rate of discount to calculate, which is $\dfrac{{{\text{Discount}}}}{{{\text{M}}{\text{.P}}}} \times 100$, where M.P is the marked price

Complete step by step Answer:

We are given that the marked price of an induction stove is RS. 3750 and the selling price is RS. 3200.
We will find the amount of discount on the induction stove by subtracting the selling price from the marked price.
That is discount=marked price- selling price.
On substituting the values of marked price and selling price, we will get,
$
  {\text{Discount}} = {\text{ }}3750 - 3200 \\
   = 550 \\
$
But, we have to find the rate of discount.
Rate of discount is given as
$\dfrac{{{\text{Discount}}}}{{{\text{M}}{\text{.P}}}} \times 100$, where M.P is the marked price.
Substitute RS. 550 for discount and RS 3750 for the marked price in the above formula to find the rate of discount.
Now, the rate of discount is \[\dfrac{{550}}{{3750}} \times 100\]
On solving the above expression, we will get a rate of discount as 14.67%

Note: Discount is always calculated on marked price. The selling price is the price at which the goods are sold. The price at which goods are bought is known as cost price. Many students make mistakes by confusing the terms marked price and cost price. Also, profit and loss are calculated on the cost price.