The cost price of a chair is three times of the profit earned on selling the chair. What is the approximate profit percentage gained through the sale?
Answer & explanation
Correct answer: option 2
Cost price of a chair = 3(selling price of a chair-cost price of a chair)
Let's assume the cost price and selling price of a chair is CP and SP respectively.
CP = 3(SP-CP)
CP = 3SP-3CP
4CP = 3SP
SP : CP = 4 : 3
Profit % = \(\frac{4 - 3}{3}\) × 100 = 33.33%