$\frac{2}{5}$ of the marked price of an item is equal to $\frac{4}{7}$ of its cost price. If a discount of 15% is given on its sale, then what is the approximate profit percentage earned ?
Answer & explanation
Correct answer: option 3
$\frac{2}{5}$ of the marked price of an item is equal to $\frac{4}{7}$ of its cost price.
\(\frac{CP}{MP}\) = \(\frac{7}{10}\)
MP = 10
Discount = 15%
SP = 85% of 10 = 8.5
Profit = 8.5 - 7 = 1.5
Profit % = 1.5 × \(\frac{100}{7}\) = 21.43%