A merchant purchased a jacket for $56 and then determined a selling price that equalled the purchase price of the jacket plus a markup that was 30 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?	Choose the correct choice from the following.
A) $0  B) $8  C) $4  D) $12  E) $15
Actual Cost = $56   SP = Actual Cost + Mark up   = Actual Cost + 30% SP   = 56*100/70= 
<gadget id="calculator">56*100/70</gadget>
<output>80</output>
80/100(56*100/70)= 64   Gross profit = $8   Answer is $8
<result>B</result>
A merchant purchased a jacket for $56 and then determined a selling price that equalled the purchase price of the jacket plus a markup that was 30 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?