Question

A shopkeeper sold an article for ₹ 178 in which he incurred a loss of 11%. What will be the profit percent if he sells the article for ₹ 240?

1. 20%
2. 30%
3. 40%
4. 50%
5. 60%

Answer 1

Correct Answer - Option 1 : 20%

Given:

Initial selling price = ₹ 178

Loss percentage = 11%

New selling price = ₹ 240

Formula used:

Loss = Cost price - Selling price

Loss% = (Loss/Cost price) × 100

Profit = Selling Price – Cost price

Profit% = (Profit/Cost price) × 100

Calculation:

Let Cost price be CP.

Let Selling price be SP.

CP × (100 – 11)/100 = 178

⇒ CP = 17800/89 = Rs. 200

Profit when selling the article on 240,

Profit = 240 – 200 = 40

⇒ Profit% = (40/200) × 100 = 20%

∴ The profit percentage after selling article on 240 is 20%.