Correct Answer - Option 1 :
\(14\frac{2}{7}\)%
Given:
Profit% = \(16\frac{2}{3}\)%
Formula Used:
Selling price = Cost price + Profit
Profit% on selling price = (Profit/Selling price) × 100
Calculation:
\(16\frac{2}{3}\)% = 1/6 (percentage to fraction conversion)
Let assume that cost price be 6x
⇒ Profit = x
Selling price = Cost price + Profit
⇒ Selling price = 6x + x = 7x
Profit% on selling price = (Profit/Selling price) × 100
∴ Profit% on selling price = (x/7x) × 100 = \(14\frac{2}{7}\)%
The correct option is 1 i.e.\(14\frac{2}{7}\)%
