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%
