Answer:
The rate of markdown it would have to offer is 27.3%.
Step-by-step explanation:
The original price of sofa was, OP = $880.
The new price of sofa is, NP = $640
The change in price is:
[tex]Change=OP-NP\\=880-640\\=240[/tex]
The rate of markdown offered by the shopkeeper is:
[tex]Rate\ of\ markdown=\frac{Change\ in\ Price}{Orignal\ Price}\times100 \\=\frac{240}{880}\times100\\ =0.27273\times100\\\approx27.3\%[/tex]
Thus, the rate of markdown offered by the shopkeeper is 27.3%.
