The selling price of a plate is 140% of its cost price . What will be the profit percentage?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 40%
Let the cost price of the plate be x.
The selling price of the plate is given as 140% of its cost price, which can be written as:
Selling price = 140% of cost price = 140/100 × x = 1.4x
Profit = Selling price - Cost price = (1.4x - x) = 0.4x
Profit percentage = (Profit/Cost price) × 100
Substituting the value of profit in the above formula, we get:
Profit percentage = (0.4x/x) × 100 = 40%
Therefore, the profit percentage is 40%