A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?
Question
A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?
Solution
Step 1: Let's assume the cost price of one Omega watch is 'x' units.
Step 2: Therefore, the cost price of 17 Omega watches is '17x' units.
Step 3: According to the problem, the profit earned by selling 17 Omega watches is equal to the selling price of 7 Omega watches. So, the profit is '7x' units.
Step 4: We know that the profit percentage is calculated as (Profit/Cost Price)*100.
Step 5: Substituting the values we have, the profit percentage is (7x/17x)*100.
Step 6: Simplifying this, we get the profit percentage as approximately 41.18%.
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