Question : At what percentage above the cost price must a person mark the price of an article so that he can enjoy a 20% profit after allowing a 20% discount?
Option 1: 40%
Option 2: 50%
Option 3: 60%
Option 4: 30%
Correct Answer: 50%
Solution :
Let the cost price be 100.
Here, the profit is 20%.
So, the selling price = 120
Let the marked price of the article be $x$.
According to the question,
80% of $x$ = 120
⇒ $x$ = 150
So, the percentage mark-up $=\frac {150 - 100}{100} = 50$%
Hence, the correct answer is 50%.
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