If the cost price is 72% of the selling price, then what is the percentage of profit? (Correct to 2 decimal places)
Answer & explanation
Correct answer: option 1
Cost price = 72% of selling price
\(\frac{Cost price}{selling price}\) = \(\frac{72}{100}\) = \(\frac{18}{25}\)
Profit = 25 - 18 = 7
Profit % = \(\frac{7}{18}\) × 100 = 38.89%