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ps1000 - set 7 merchant question [#permalink]
30 Jan 2006, 04:19
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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 merchantâ€™s gross profit on this sale?
I think the ans is clearly (A), however, it is mentioned as (C) in the ans set.