Manjeet bought a second-hand motorbike for ₹22,000 and spent ₹3,000 on its overhauling and maintenance. He then sold it with 12% profit. If he had sold it for 3500 less, then what would have been his profit percentage?
Answer & explanation
Correct answer: option 2
CP = ₹22000
spent = ₹3,000
Profit = 12%
The total cost price occurred to Manjeet for the bike
⇒ 22000 + 3000 = ₹25000
The selling price = 25000 + 25000 × 12% = ₹ 28000
Had he sold the bike for ₹500 less, the selling price would have been
⇒ 28000 - 500 = ₹27500
Now, his profit percentage = \(\frac{(27500 – 25000) × 100}{25000}\)
⇒ 10%