If the cost price of an article is 70.5% of its selling price, what is the profit percentage (rounded off to 1 decimal place)?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 41.8%.
Let the selling price be 100 units.
Then, cost price = 70.5% of 100 = 70.5 units
Profit = Selling price − Cost price = 100 − 70.5 = 29.5 units
Profit percentage = (Profit ÷ Cost price) × 100 = (29.5 ÷ 70.5) × 100 ≈ 41.8%