Question

A cell phone was marked at 40% above the cost price and a discount of 30% was given on its marked price. Find the gain or loss percent made by the shopkeeper.

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Answer 1

2% loss

Explanation:

Let the cost price be "x".

The current price is

x(1+40%)(1-30%)

= 1.4x*0.7

= 0.98x

Compared to x, 0.98x is 0.02 less

0.02 = 2%