Rs. 500 net of discount @3% → Gross price = ?
- 515.46
- 485
- 503
- 525
Explanation
To find the gross price before a 3% discount, when the net price is Rs. 500, use the formula:
Gross Price = Net Price / (1 - Discount Rate)
= 500 / (1 - 0.03)
= 500 / 0.97
≈ Rs. 515.46
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