If selling price of an article is \(\frac{7}{6}\) of its cost price. Then the profit percentage in the transaction is:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → \(16\frac{2}{3}\%\)
Profit per cent is worked out on the cost price. Assuming the cost price to be 6:
Selling price \(\displaystyle =\frac{7}{6}\times6=7\)
Profit \(=7-6=1\)
Profit per cent \(\displaystyle =\frac{1}{6}\times100=16\frac{2}{3}\%\)