Select the correct answerFor an article the profit is 170% of the cost price. If the cost price increase by 20% but the selling price remains same, then what is the new profit percentage?Options755041125
Question
Select the correct answerFor an article the profit is 170% of the cost price. If the cost price increase by 20% but the selling price remains same, then what is the new profit percentage?Options755041125
Solution
Sure, let's solve this step by step.
Step 1: Let's assume the cost price of the article is 170.
Step 2: Now, the cost price increases by 20%. So, the new cost price is $120.
Step 3: However, the selling price remains the same, which is $170.
Step 4: Now, we need to find the new profit percentage. The profit is the selling price minus the cost price, which is 120 = $50.
Step 5: The profit percentage is calculated as (Profit/Cost price) * 100. So, the new profit percentage is (120) * 100 = 41.67%.
So, the correct answer from the given options is 41.
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