a merchant purchased a jacket for $ 48 and then determined a selling price that equalled the purchase price of the jacket plus a markup that was 40 percent of the selling price . during a sale , the merchant discounted the selling price by 20 percent and sold the jacket . what was the merchant ’ s gross profit on this sale ?
"actual cost = $ 48 sp = actual cost + mark up = actual cost + 40 % sp = 48 * 100 / 60 on sale sp = 80 / 100 ( 48 * 100 / 60 ) = 64 gross profit = $ 16 answer is e"
subtract(multiply(divide(48, subtract(const_1, divide(40, const_100))), subtract(const_1, divide(20, const_100))), 48)