Question
Download Solution PDFA person bought an article and sold it at a profit of 20%. Had he bought it at 20% less, what would have been the profit percentage if the selling price had been the same?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept Used:
SP = CP + Profit
Profit% = (Profit/CP) × 100
CP = Cost Price, SP = Selling Price
Calculation:
A person bought an article and sold it at a profit of 20%:
Let's consider CP1 is 100.
⇒ SP = 100 + 100 × (20/100) = 120
Had he bought it at 20% less:
⇒ CP2 = 100 - 100 × (20/100) = 80
Since he still sells it at the same selling price of 120,
⇒ Profit = 120 - 80 = 40
⇒ Profit% = (40/80) × 100 = 50%
∴ The Profit Percentage is 50%.
Shortcut Trick ⇒ SP / CP = (100 + 20) / (100 - 20)
⇒ SP / CP = 120 / 80
⇒ Profit% = [(120 - 80) × 100] / 80
⇒ 400 / 80 = 50%
∴ The profit percentage is 50%.
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