Total cost price of 1600 articles is Rs. 300. Total selling price of 10 articles is Rs. 3. What is the profit percentage? (Cost price of all the articles is same. Selling price of all the articles is same.)
Show answer & explanation
Correct answer: B
Explanation
Given:
Cost Price (CP) of 1600 articles = ₹300
Selling Price (SP) of 10 articles = ₹3
According to the formula:
Profit % = [(SP − CP) / CP] × 100
CP of 1 article = 300 / 1600 = ₹3/16
SP of 1 article = 3 / 10 = ₹3/10
Profit = (3/10 − 3/16)
= (48 − 30)/160
= 18/160
= 9/80
Profit % = [(9/80) / (3/16)] × 100
= (9/80 × 16/3) × 100
= (144/240) × 100
= 0.6 × 100
= 60%