A person purchased a vehicle for Rs. 4,89,828 and sold it for Rs. 5,89,828. What is the profit percent he earned on this vehicle (correct to two decimal places)?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 20.42%
Profit percentage = [(SP – CP)/CP] × 100
CP = Rs. 489828
SP = Rs. 589828
Profit percentage = [(589828 – 489828)/489828] × 100
= 10000000/489828
= 20.42%