A shop keeper sold an article at four-fifth of the marked price and suffered a loss of $3\frac{1}{3}$%. Find the profit percent, if he sold the article at the marked price. (correct to nearest integer)
Answer & explanation
Correct answer: option 3
MP : SP = 5 : 4
Let the MP be 500, then SP = 400
Loss% = \(\frac{10}{3}\) % = \(\frac{1}{30}\)
CP = 30 units
SP = 30 - 1 = 29 units (given as 400)
29 units = 400
30 units = (\(\frac{400}{29}\)) × 30 = Rs. 413
If the article sold at MP
MP = New SP = 500
Profit = 500 - 413 = 87
∴ Required Profit% = (\(\frac{87}{413}\) )×100 = 21%