An item was sold for ₹40 with a profit of 15%. If it were sold for ₹36, then what would have been the percentage of profit or loss? (rounded off to 1 decimal places).
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e Profit 3.5%.
Let cost price be x
Selling price = ₹40 and Profit = 15%
So,
⇒ 40 = x + 15% of x ⇒ 40 = x + 0.15x = 1.15x ⇒ x = 40 ÷ 1.15 = ₹34.78 (approx)
If sold for ₹36
Profit/Loss = 36 - 34.78 = ₹1.22 profit
Profit percentage = (1.22 ÷ 34.78) × 100 = 3.5% profit