Question : A trader marks his goods at 55% above the cost price and allows a discount of 20%. What is his gain percentage?
Option 1: 24%
Option 2: 18%
Option 3: 22%
Option 4: 16%
Correct Answer: 24%
Solution :
Let the cost price be 100.
The marked price is 55% above the cost price = 155
After allowing a discount of 20%, selling price = $\frac{80}{100}\times155=124$
Profit = Selling price – Cost price = 124 – 100 = 24
Profit percentage = $\frac{\text{Profit}}{\text{Cost price}}\times100=\frac{24}{100}\times100=24$%
Hence, the correct answer is 24%.
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