1. A merchant sells an item at a 20 percent discount. but still makes a gross profit of 20 percent of the cost. What percent of cost would be gross profit on the item have been if it had been sold without the discount?
(A) 20% (B) 40% (C) 50% (D) 60% (E) 66.6%
Ans :c) 50%
2. A millionaire bought a job lot of hats 1/4 of which were brown. The millionaire sold 2/3 of the hats including 4/5 of the brown hats. What fraction of the unsold hats were brown.
(A)1/60 (B)1/15 (C)3/20 (D)3/5 (E)3/4 Answer :c)3/20
(A) 20% (B) 40% (C) 50% (D) 60% (E) 66.6%Ans :c) 50%
2. A millionaire bought a job lot of hats 1/4 of which were brown. The millionaire sold 2/3 of the hats including 4/5 of the brown hats. What fraction of the unsold hats were brown.
(A)1/60 (B)1/15 (C)3/20 (D)3/5 (E)3/4 Answer :c)3/20
