Q: The market price of an article was 40% more than its cost price. Rana was going to sell it at market price to a customer, but he showed Rana some defects in the article, due to which Rana gave him a discount of 28.57%. Next day he came again and showed Rana some more defects, hence he gave him another discount that was equal to 12.5% of the cost price. What was the approximate profit/loss to Rana ?

• 1
  Loss of 12.5%
• 2
  Profit of 12.5%
• 3
  Loss of 24.5%
• 4
  Profit of 22.5%