The cost price of an article if 6/7 of its selling price. What will be the profit or loss percentage?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer is option 3 i.e. 16.67% profit
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Understanding |
Application |
Calculation |
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Given: CP = 6/7 × SP CP/SP = 6/7 |
Hence, Profit % = [(SP – CP)/CP] × 100 ⇒ 16.67% profit |
⇒ [(7 – 6)/6] × 100 ⇒ 100/6 ⇒ 16.67% |