Directions: Each of the questions given below consists of a statement and/or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is/are sufficient to answer the question. Read both the statements and Give answer (a) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question; Give answer (b) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question; Give answer (c) if the data either in Statement I or in Statement II alone are sufficient to answer the question; Give answer (d) if the data even in both Statements I and II together are not sufficient to answer the question; Give answer (e) if the data in both Statements I and II together are necessary to answer the question. By selling a product with 20% profit, how much profit was earned? I. The difference between cost and selling price is ₹ 40. II. The selling price is 120 percent of the cost price.

### Concept & Logic In Profit and Loss, exact monetary values can only be determined if at least one absolute value is provided. Percentage alone only gives a ratio. $$ \text{Profit} = \text{Selling Price (SP)} - \text{Cost Price (CP)} $$ ### Step-by-Step Solution From the main question, we know the profit percentage is $20\%$. Evaluating Statement I: - It states the difference between CP and SP is ₹ 40. - By definition, Profit = SP - CP. Therefore, the exact profit is ₹ 40. - Statement I alone gives the exact profit amount. Evaluating Statement II: - It states SP is $120\%$ of CP. - This mathematically translates to SP = $1.2 \times \text{CP}$, which merely restates that there is a $20\%$ profit. - This provides no absolute monetary value, so it is insufficient. ### Exam Strategy & Shortcut When asked for an exact numerical amount, immediately eliminate statements that only provide percentages or ratios. Statement II only offers a ratio (120%), making it useless for finding an absolute value. ### Common Pitfall Believing Statement II provides new information. It is simply a mathematical rephrasing of the 20% profit already given in the question stem. ### Final Answer Therefore, the correct answer is **if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question;**.