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If the cost price is 60% of the selling price, What is the profit percent?
1. 36.6%
2. 70%
3. 66.66%
4. 64.6%

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Correct Answer - Option 3 : 66.66%

Formula -

Profit = Selling Price (S.P) - Cost Price (C.P)

% Profit = (Profit × 100) ÷ C.P

Calculation - 

⇒ C.P = (60 × S.P) ÷  100 

⇒ or C.P ÷ S.P = 60 ÷ 100 

⇒ C.P ÷ S.P = 3 ÷ 5

⇒ C.P = 3, S.P = 5

Profit  = 5 - 3

⇒ Profit  = 2

% Profit = (2 × 100) ÷ 3

⇒ % Profit = 200 ÷ 3

⇒ % Profit = 66.66%

∴ The required answer is 66.66%

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