Discussion
A dealer marks the price of clothes 31% more than the cost price. If he allows a discount of 21% on the marked price, then his percentage of profit is:
Answer: B
The profit is 3.49 per cent. Take the cost price as 100. The marked price is 31 per cent more, which is 131. A discount of 21 per cent leaves 79 per cent of the marked price.
\[ SP = 131 \times 0.79 = 103.49 \]
\[ \text{profit} = 103.49 - 100 = 3.49 \Rightarrow 3.49\% \]
Because the cost price was taken as 100, the profit figure is already a percentage. The options 2.85, 4.15 and 1.85 would come from using a wrong discount factor, such as 0.78 or 0.8, or a wrong marked price.
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