Saurabh purchased a ring at 26% less than the marked price and sold it at 10% more than the marked price. Find the approximate profit earned by him.
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Correct answer: A
Explanation
The correct answer is Option 1 i.e. 48.6%.
Let the marked price be x
⇒ C.P. = x - 0.26x = 0.74x
⇒ S.P. = x + 10%x
⇒ S.P. = x + 0.10x = 1.10x
Then,
⇒ Profit = S.P. - C.P.
⇒ Profit = 1.10x - 0.74x = 0.36x
⇒ Profit percentage = (Profit/C.P.) × 100
⇒ 0.36x/0.74x × 100
⇒ 36/74 × 100 = 0.486
Hence, the approximate profit earned by Saurabh is 48.65%