The selling price of a pen is ₹660. If the profit is 20%, then what is the nominal profit earned on the sale of the pen?
Answer & explanation
Correct answer: option 1
Selling price of the article = 660
Profit earned = 20%
Then according to the question,
120% of the CP = SP
120% of the CP = 660
then ,100% of the CP = 550
Profit amount = 660 - 550 = 110