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An article was purchased for Rs.7000. Later its price was marked up by 30%. It was sold at a discount of 10% on the marked-up price. What was the profit percent on the cost price?
1. 8%
2. 10%
3. 17%
4. 18%
5. 15%

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Correct Answer - Option 3 : 17%

Given

An article was purchased for Rs.7000.After that price was marked by 30%.

Discount of 10% was given on mark up price.

Formula used

MP(1 - D/100) = SP

MP = Marked Price

SP = Selling Price

D = Discount

Calculation

Marked price = Rs.7000 + 7000 × 30/100

⇒ MP = Rs. 9100

⇒ SP = MP(1 - D/100)

⇒ SP = 9100 × 90/100

⇒ SP = Rs.8190

⇒ Profit = 8190 - 7000

⇒ Profit% = (1190/7000) × 100

∴ Profit% is 17%

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