A retailer offers 2 successive discounts of 15% and 10% on a product marked at Rs. 1,000. If his cost price is Rs. 700, what is his profit or loss percentage?
Show answer & explanation
Correct answer: D
Explanation
Marked Price = 1000
Discounts = 15% and 10%
Cost Price = 700
Successive Discount = 15 + 10 − (15×10/100)
Profit/Loss % = (SP − CP)/CP × 100
Total Discount = 25 − 1.5 = 23.5%
⇒ Selling Price = 1000 × (1 − 23.5/100) = 765
Profit = 765 − 700 = 65
Profit % = (65/700) × 100 = 9.29%