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A person sells an article for Rs 550, gaining 1/10 of its C.P. find gain percent


1. 20%
2. 10%
3. 15%
4. 30%

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Correct Answer - Option 2 : 10%

Given

A person sells an article for Rs 550, gaining 1/10 of its C.P

Formula used

Profit = Selling price - cost price

Calculation

Let CP = Rs.x

⇒ Gaining = (1/10)x

⇒ x = 550 - (1/10)x

⇒ x + (1/10)x = 550

⇒ (11/10)x = 550

⇒ x = 500 

⇒ Profit = 550 - 500 = 50

⇒ Profit % = 50/500 × 100 = 10%

∴ Profit% are 10%

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