Correct Answer - Option 1 : 5 (5/11)%
Given:
Nitin buys an old cupboard = Rs 4700
Formula:
Profit % = (Profit/CP) × 100
Calculation:
Cost price =Rs.(4700 + 800) = Rs.5500.
Selling price = Rs.5800.
Gain =(Selling Price) − (Cost Price)
⇒ Rs.(5800 − 5500)
⇒ Rs.300.
Gain % = (300/5500) × 100% = 60/11%
⇒ 5(5/11)%
∴ His gain percent is 5(5/11)%