A person marked his goods at a price that would give him 40% profit but he declared a sale and allowed 20% discount on the marked price. What is the profit percentage of the person in the whole transaction ?
Answer & explanation
Correct answer: option 1
Let the cost price of the article = 100
MP of the article = 100 × (\(\frac{140}{100}\) ) = 140
SP of the article = 140 × (\(\frac{80}{100}\)) = 112
Profit = 112 – 100 = 12
Profit percentage = \(\frac{12}{100}\) × 100 = 12%