Discussion :: Profit and Loss

What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I.Labeled price of the articles sold was 130% of the cost price.
II.Cost price of each article was Rs. 550.
III.A discount of 10% on labeled price was offered.
A.
Only I 
B.
Only II 
C.
I and III 
D.
All the three are required 
E.
Question cannot be answer even with information in all the three statements. 
Answer : Option C
Explanation :
I. Let C.P. be Rs. x.
Then, M.P. = 130% of x = Rs.  13x  .  
10 
III. S.P. = 90% of M.P.
Thus, I and III give, S.P. = Rs.  90  x  13x  = Rs.  117x  
100  10  100 
Gain = Rs.  117x   x  = Rs.  17x  
100  100 
Thus, from I and III, gain % can be obtained.
Clearly, II is redundant.
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