A person marked his goods at a price that would give him 40% profit but he declared a sale and allowed 20% discount on the marked price. What is the profit percentage of the person in the whole transaction ?
Let the cost price by Rs. 100.
Profit = 40%
Selling price = 100 $$\times 140/100 = 140$$
Discount after sale = 20%
Selling price after sale = 140 $$\frac 80/100 = 112
Profit after sale = 112 - 100 = 12
Profit percentage = $$\frac{12}{100} \times 100 = 12%
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