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The cost price of a bat is 5/6 of the marked price. What will be the gain/loss percentage after allowing a discount of 30% on the marked price?
1. 24% profit
2. 24% loss
3. 16% profit
4. 16% loss

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Correct Answer - Option 4 : 16% loss

Given:

C.P/M.P = 5/6

Discount = 30%

Formula used:

Discount = [(D%)/100] × M.P

S.P = M.P - Discount

Loss = C.P - S.P

Calculation:

Let C.P and M.P be 500 and 600

Discount = 30%

Discount = [(D%)/100] × M.P

Discount = (30/100) × 600

⇒ Discount = 180

So, S.P = M.P - Discount

S.P = 600 - 180

⇒ S.P = 420

Loss = C.P - S.P

Loss = 500 - 420 = 80

Loss% = (80/500) × 100 = 16%

∴ The profit percentage is 16%.

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