Manoj buys 15 pencils for Rs.12 and sells them at the rate of Rs.1.50/pencil. What is his profit percentage?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 87.50%
Given that
The cost price of the 15 pencils = 12 Rs
The C.P. of 1 pencil = 12/15 = 0.8 Rs
The S.P. of 1 pencil = 1.5 Rs
Hence, the profit percentage = [(S.P. - C.P.)/C.P.] × 100
= [(1.5 - 0.8)/0.8] × 100 = 70/0.8 = 87.50%