A person bought an article for Rs 950 and sold it at a loss of 30%. With that money he bought a new article and sold it at a gain of 60%. Find his overall profit percentage.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → 12%
The money from the first sale becomes the cost price of the second article, so the two changes multiply: \(0.7\times1.6=1.12\) of the starting money.
First sale \(\displaystyle =950\times\frac{70}{100}=\) Rs 665
Second sale \(\displaystyle =665\times\frac{160}{100}=\) Rs 1064
Overall profit \(=1064-950=\) Rs 114
Profit % \(\displaystyle =\frac{114}{950}\times100=12\%\)
His overall profit is 12%.