A merchant marks his goods up by 20% and then offers a discount of 5% on the marked price. What % profit does the merchant make after the discount?
Choices:
A) 8 %  B) 6 %  C) 21 %  D) 14 %  E) 17 %

Rationale: "let the price be 100 . the price becomes 120 after a 20 % markup . now a discount of 5 % on 120 . profit = 114 - 100 14 % answer d"
Answer: D