Ketan sold 151 chairs and had a gain equal to the selling price of 51 chairs. What is his profit percentage?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 51%.
Let the cost price of one chair = C
Selling price of one chair = S
Profit = Selling price of 51 chairs = 51 × S
Total profit = Total selling price − Total cost price
Total selling price = 151 × S
Total cost price = 151 × C
Profit = (151 × S) − (151 × C) = 51 × S
So: 151S − 151C = 51S
151S − 51S = 151C
100S = 151C
S/C = 151/100 = 1.51
Profit % = (S − C)/C × 100 = (1.51 − 1) × 100 = 51%