Question : A trader allows a discount of 5% for cash payment. What percentage above the cost price must he mark his goods to make a profit of 14%?
Option 1: 30%
Option 2: 40%
Option 3: 50%
Option 4: 20%
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Correct Answer: 20%
Solution :
Let the cost price ($CP$) of an article be 100
If profit 14%, Selling price = 100 + 14% of 100 = 114
Let the marked price ($MP$) be x.
With discount of 5%, selling price = x – 5% of x = 0.95x
Now, 0.95x = 114
⇒ x = 120
Required percentage $=\frac{MP-CP}{CP}×100 = \frac{120-100}{100}×100 = 20\%$
Hence, the correct answer is 20%.
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