A person sells an article at the profit of 40 percent. Cost price and selling price both are decreased by 50 percent. What will be the new profit percentage?
Show answer & explanation
Correct answer: C
Explanation
Let the cost price = 100
Selling price = 140
New cost price after a 50% reduction = 50
New selling price = 70
Profit percentage = (70 - 50) / 50 × 100= 40%