Question : A merchant marked his goods 20% above the cost price and sold the goods at a profit of 8%. The rate of discount is:
Option 1: 15%
Option 2: 10%
Option 3: 12%
Option 4: 8%
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Correct Answer: 10%
Solution :
Let the cost price be 100.
A merchant marked his goods 20% above the cost price.
So, marked price = 100 + 20 = 120
Profit = 8%
So, selling price = 100 + 8 = 108
$\therefore$ Discount percentage on marked price = $\frac{120-108}{120}×100=\frac{12}{120}×100=10\%$
Hence, the correct answer is 10%.
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