If the ratio of selling price and cost price of an apple be 11 : 10, the percentage of profit is:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → 10%
Profit per cent is always worked out on the cost price: profit % \(\displaystyle=\frac{\text{SP}-\text{CP}}{\text{CP}}\times100\).
Assuming the cost price to be 10 (so the selling price is 11):
Profit made on each apple: \(11-10=1\)
This profit as a percentage of the cost price \(\displaystyle=\frac{1}{10}\times100=10\%\)