The marked price of an article is 40% above its cost price. If its selling price is 73 1/2% of the marked price, then the percentage profit is:

The marked price of an article is 40% above its cost…

The marked price of an article is 40% above its cost price. If its selling price is $73 \frac{1}{2}\%$ of the marked price, then the percentage profit is:

Show answer & explanation

Correct answer: A

Explanation

The correct answer is option 1 i.e. 2.9%.

Given that

M.P = 1.4 of C.P

S.P = 0.735 of M.P = 0.735 of 1.4 of C.P

⇒ $\frac{S.P}{C.P}$ = 0.735 × 1.4 = 1.029

Hence, profit percentage = $\frac{1.029 - 1}{1}$ × 100 = 2.9%

SSC CGL 2023 PYQ — Question 62