While selling an item, a businessman allows a 40% discount on the marked price and incurs a loss of 30%. If the item is sold at the marked price, profit will be _______.

$16\frac{2}{3}$

Discount = 40%

Loss = 30%

Let the marked price = 100

then the cost price = 100 × \(\frac{3}{5}\) × \(\frac{10}{7}\)  = \(\frac{600}{7}\)

Profit when it is sold at marked price = 100 - \(\frac{600}{7}\)= \(\frac{100}{7}\)

Profit% = \(\frac{100}{7}\) × 100 ×  \(\frac{7}{600}\) = $16\frac{2}{3}$%