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by sanju09 » Thu May 06, 2010 4:46 am
A merchant purchased a jacket for $60 and then determined a selling price that equaled 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) $3
(B) $4
(C) $8
(D) $10
(E) $12
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by ajith » Thu May 06, 2010 5:02 am
sanju09 wrote:A merchant purchased a jacket for $60 and then determined a selling price that equaled 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) $3
(B) $4
(C) $8
(D) $10
(E) $12
Let y be the selling price

y = 60 + 0.25y
y = 4/3*60 = 80

Discount = 20/100*80 = 16
Final price = 64
[spoiler]
Gross profit = 64-60 = 4 dollars[/spoiler]
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