Question : A shopkeeper marks his goods 20% higher than the cost price and allows a discount of 5%. The percentage of his profit is:
Option 1: 15%
Option 2: 20%
Option 3: 10%
Option 4: 14%
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Correct Answer: 14%
Solution :
Let the cost price of the product be Rs. 100.
Then, the market price of the product will be (Rs. 100 + Rs. 20) = Rs. 120
Discount = 5%
Discount offered = 5% of MP = $\frac{5}{100}\times120$ = Rs. 6
$\therefore$ SP = MP – Discount = Rs. 120 – Rs. 6 = Rs. 114
⇒ Profit = SP – CP = Rs. 114 − Rs. 100 = Rs. 14
⇒ Profit percentage = $\frac{14}{100}\times100$ = 14%
Hence, the correct answer is 14%.
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