A trader gave a 20% discount on the market price but still earned a 10% profit. What percentage was the market price above the cost price?
37.5%
Let the cost price be \(CP = 100\). A 10% profit means the selling price is \(SP = 100 + 10 = 110\).
The selling price is obtained after a 20% discount on the market price, so the trader receives \(80\%\) of the market price: \(SP = 80\% \times MP = \frac{80}{100}\,MP\).
Therefore \(\frac{80}{100}\,MP = 110\), giving \(MP = \frac{110\times 100}{80} = 137.5\).
The market price is above the cost price by \(\frac{137.5 - 100}{100}\times 100\% = 37.5\%\).
Hence, the market price is 37.5% above the cost price.
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