When the SP of an article is increased by 30% and the cost remains the same, the profit increases by 60%. Find the profit percentage at which the item was being sold originally.
Question
When the SP of an article is increased by 30% and the cost remains the same, the profit increases by 60%. Find the profit percentage at which the item was being sold originally.
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price (CP) of the article is $100.
Step 2: According to the problem, when the selling price (SP) is increased by 30%, the profit increases by 60%. This means that the original profit was 60% / 30% = 2 times the increase in SP.
Step 3: So, the increase in SP of 100) corresponds to a profit increase of 100). Therefore, the original profit was 60 / 2).
Step 4: The profit percentage is calculated as (Profit / CP) * 100. So, the original profit percentage was (100) * 100 = 30%.
So, the item was being sold originally at a profit of 30%.
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