The following question has some statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. What was the amount of profit earned? Statement 1: 20% discount is offered on marked price. Statement 2: If there is no discount, profit would be 30%. Statement 3: Selling price is 40% more than the cost price

Let's analyze: Statement 1 says SP = 0.8×MP. Statement 2: If no discount, profit = 30%, so MP = 1.3×CP. Combining 1+2: SP = 0.8×1.3×CP = 1.04×CP. Statement 3 says SP = 1.4×CP. But 1.04×CP ≠ 1.4×CP, so the statements are contradictory. More importantly, without an actual numerical value for CP or SP, the profit amount cannot be calculated. Therefore, all statements are insufficient to determine the actual profit amount.