If the cost price is 94% of the selling price, then find the profit percentage.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 6.4%
CP = 0.94 × SP
Profit = SP − CP = SP − 0.94 × SP = 0.06 × SP
Let’s assume SP = ₹100
Then: CP = ₹94
Profit = SP − CP = 100 − 94 = ₹6
Profit %=(Profit/CP) × 100 = (6/94) × 100 ≈ 6.38% or 6.4%