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A trader marked a jacket 35% above its cost price. He allowed a discount to a customer, resulting in a profit of 20%. What was the rate of discount given by the trader?

1. 11.11%
2. 15%
3. 20%
4. 25%

Correct answer: 11.11%

Solution

If the cost price is 100, the marked price is 135. A profit of 20% means the selling price is 120. The discount is 15 on 135, so the discount rate is 15/135 = 11.11%.

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