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A merchant marked the price on his goods 20% more than its cost price and allows a discount of 15%. His gain percent is

1%
2%
10%
15%

Correct Answer: 2%

Explanation:

Here, r = 20% and r₁ = 15%
Required profit per cent =[ r(100 - r₁)/100] - r₁
= [20(100 - 15)/100] - 15
= 17 - 15
= 2%

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