Select the correct answerIn a shop, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, find out approximately what percentage of the selling price is the profit?Options100%250%70%30%
Question
Select the correct answerIn a shop, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, find out approximately what percentage of the selling price is the profit?Options100%250%70%30%
Solution
Sure, let's solve this step by step:
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Let's assume the cost price (C) of the item is 320. This makes the selling price (S) 100 cost + $320 profit).
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If the cost increases by 25%, the new cost price (C') is $125.
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However, the selling price remains constant at 420 - 295.
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To find out what percentage of the selling price is the new profit, we divide the new profit by the selling price and multiply by 100. So, P'/S * 100 = 420 * 100 ≈ 70.24%.
So, the correct answer is approximately 70%.
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