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Question 7 of 7 · Profit, Loss & Discount
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NIMCET 2024

After allowing a 20% cash discount, a trader still earns a profit of 11.11%. How much above the cost price does the trader mark his goods?

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Answer: Option A — 38.88%

Detailed Solution

1

Take CP . A profit of 11.11% of CP, so SP .

2

SP is 80% of the marked price, so MP .

3

The goods are marked about 38.89% (exactly %) above cost, which is option (A).

✓ Check

, a profit of 11.11 on 100.

⚠ Common trap

(D) 28% is too small: gives only a 2.4% profit.

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Profit, Loss & Discount — Preparation

This question tests your understanding of Profit, Loss & Discount, a key topic in the Quantitative Aptitude section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.

Profit and loss questions deal with buying and selling: cost price, selling price, marked price, profit or loss percentage, and discounts. Profit or loss percentage is always calculated on the cost price, while discount percentage is calculated on the marked price, and mixing these up is the most common mistake. Questions test successive discounts, dishonest dealers using false weights, selling two articles at the same price with one at a profit and one at a loss, marking up goods and then offering a discount, and finding the cost price from given conditions. Converting percentages to fractions makes most of these questions quick. For example, a 25% profit means SP = 5/4 of CP. Practise the profit, loss and discount questions below. Each has a step-by-step solution and a fraction-based shortcut where it helps.

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