A merchant purchased a jacket for $60
and then determined a selling price
that equalled the purchase price of the
jacket plus a markup that was 25
percent of the selling price. During a
sale, the merchant discounted the
selling price by 20 percent and sold
the jacket. What was the merchant's
gross profit on this sale?
(A) $0
(B) $3
(C) $4
(D) $12
(E) $15