Selling price of an article is $\frac{8}{7}$ of cost price. What is the profit percentage?
Answer & explanation
Correct answer: option 4
Selling price of an article is $\frac{8}{7}$ of cost price,
\(\frac{SP}{CP}\) = \(\frac{8}{7}\)
Profit = 1
Profit% = \(\frac{1 × 100}{7}\) = \(\frac{100}{7}\)%