Laxman marks his goods at 60% above the cost price and allows a discount of 20%. What is his gain/loss percentage?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Profit 28%.
Formula used:
Profit = SP - CP
SP = Selling price, CP = Cost price
Profit% = (Profit/CP) × 100
Calculations:
Let the Cost price be 100x
⇒ Marked price = 160% of 100x = 160x
Selling price after discount of 20% = 80% of 160x = 128x
Profit = 128x - 100x = 28x
Required Profit% = (28x/100x) × 100
= 28%