A man sold 150 chairs and had a gain equal to selling price of 25 chairs. Find his profit percentage.
Answer & explanation
Correct answer: option 3
According to the question,
Let CP = cost price of 1 chair
SP = selling price of 1 chair
Profit = 25 x SP
Total CP = 150 x CP
Profit = 150 x SP - 150 x CP = 25 x SP
150CP = 125SP
CP : SP = 5 : 6
Profit percentage = $\frac{1}{5}$ x 100 = 20%