By selling 15 articles, a man gains the selling price of 3 articles. Find the profit percentage.
Show answer & explanation
Correct answer: B
Explanation
Given:
Profit on selling 15 items = equal to the selling price of 3 items
Formula:
Profit % = (Profit ÷ Cost Price) × 100
Let the selling price of 1 item = S
Selling price of 15 items = 15S
Profit = 3S
Cost price = 15S − 3S
Cost price = 12S
Profit % = (3S ÷ 12S) × 100
Profit % = (1/4) × 100
Profit % = 25%