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A shopkeeper marked his goods above its cost price by 20% and allows 20% discount on it. What was his percent profit / loss?
1. 10% loss
2. 4% loss
3. 10% gain
4. 4% gain

1 Answer

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Correct Answer - Option 2 : 4% loss

Given:

Percent markup = 20%

Percent discount = 20%

Formula used:

percent markup = markup / C.P × 100

Marked price = C.P + markup

S.P = markup – discount

Percent discount = discount / M.P × 100

Calculation:

Let, cost price of goods = X

Marked price = X + 20% of X = X + X / 5 = 6X / 5 = 1.2X

Now, discount% = 20%

Selling price = 1.2X – 20% of 1.2X = 1.2X – 1 / 5 × 1.2X = 1.2X – 0.24X = 0.96X

⇒ S.P = 0.96X and C.P = X

Loss = X – 0.96X = 0.04X

Percent loss = 0.04X / X × 100 = 4%

∴ The loss percent is 4%.

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