A shopkeeper sells an item with 40% profit. Find the discount on selling price if he sells the same item for Rs. 60, if his cost is Rs. 50.

Correct option is C

Given,

Cost price of the article = Rs. 50

Selling price of the article = Rs. 60

Profit = 40%

Formula:

Profit = SP – CP

Profit% = Profit/CP × 100

Solution:

SP of the article if he wants to gain 40% profit = 50 × 140/100 = Rs. 70

If he sells the article at Rs. 60 instead of Rs. 70, then

=> Discount = 70 – 60 = Rs. 10

∴ Discount % = 10/70 × 100 = 14.3%