On selling an article for a certain price, a man loses 30 %. What his loss/profit per cent, if he sells the article for double the price?A60%B15%C40%D30%
Question
On selling an article for a certain price, a man loses 30 %. What his loss/profit per cent, if he sells the article for double the price?A60%B15%C40%D30%
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price of the article is $100.
Step 2: Given that the man incurs a loss of 30% when he sells the article, this means he sells it for $70 (which is 30% less than the cost price).
Step 3: Now, if he sells the article for double the price, he sells it for 70).
Step 4: Now, we need to calculate the profit or loss percentage. The formula for profit percentage is (Selling Price - Cost Price)/Cost Price * 100.
Step 5: Substituting the given values in the formula, we get (140 - 100)/100 * 100 = 40%.
So, if he sells the article for double the price, his profit is 40%. Therefore, the answer is C) 40%.
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