A person sells an article at the profit of 30 percent. Cost price and selling price both are decreased by 40 percent. What will be the new profit percentage?
Show answer & explanation
Correct answer: A
Explanation
Let the original cost price = 100
Selling price = 130
New cost price = 60% of 100 = 60
New selling price = 60% of 130 = 78
Profit = 78 - 60 = 18
Profit percentage = 18/60 × 100 = 30%