A person sells an item at a discount of 40 percent and still makes a profit of 20 percent. By what percentage was the marked price of the item more than the cost price of the item?

The marked price is 100% above the cost price.

Let cost price = 100, profit 20% gives selling price = 120.

A 40% discount means selling price = 60% of marked price.

0.6 x MP = 120, so MP = 200.

MP is 200 against CP 100, that is 100% more.