A shopkeeper purchase his goods at a discount of 10% on the list price. He normally gives a discount of 6% to his customers. If during a special scheme, he gets an additional discount of 2% on his purchase price, find his approximate profit percentage?
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11%
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12.5%
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15%
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25%
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Can’t be determined
E
Correct answer
Explanation
Shopkeeper buys at 10% discount on list price, sells at 6% discount to customers. Gets additional 2% on purchase. But without knowing the actual list price or selling quantities, we cannot determine the absolute profit percentage. The relationship between purchase price and selling price is insufficient.