Question : Mohan purchased a bag with a 20% discount on the labelled price. He sold it at a 40% profit on the price he bought. The percentage of profit on the labelled price is:
Option 1: 20%
Option 2:
12%
Option 3:
18%
Option 4:
24%
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Correct Answer:
Solution : Let the labelled price be $x$. Purchasing price = $\frac{80}{100}×x= \frac{4x}{5}$ He sold it at a 40% profit on the price he bought. So, Selling price $=\frac{140}{100}×\frac{4x}{5}=\frac{28x}{25}$ Profit = Selling Price – Labelled Price = $\frac{28x}{25}- x$ = $\frac{3x}{25}$ The percentage of profit on the labelled price $=\frac{ \frac{3x}{25}}{x}×100= \frac{3x}{25}×\frac{1}{x}×100=12$% Hence, the correct answer is 12%.
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