Correct Answer - Option 1 : 20
Let the Cost price of the table be a
Since he gains a profit of 60%, the selling price = a + (60/100) × a = 1.6a
Let the Marked price of the table be b
⇒ b - (20/100) × b = 1.6a
⇒ b = 2a
Now, if he sells the table at 40% discount
⇒ New selling price will be = 2a - (2a) × (40/100)
⇒ New selling price = 1.2a
∴ New profit percent = [(1.2a - a)/a] × 100 = 20%