If the cost price is 72% of the selling price, then what is the percentage of profit? (Correct to 2 decimal places)
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 2 i.e. 38.89%.
Formula used:
Profit = SP - CP
Profit% = (Profit/CP) × 100
Calculations:
Let the selling price be 100x
Cost price = 72% of 100x = 72x
Profit = 100x - 72x = 28x
Profit % = (28x/72x) × 100 = 38.89%