40% of the cost price of an article is equal to 30% of its selling price. The approximate percentage of profit or loss on the cost price is:
Answer & explanation
Correct answer: option 4
40% of the cost price = 30% of its selling price
\(\frac{SP}{CP}\) = \(\frac{4}{3}\)
Profit = 4 - 3 = 1
Profit% = 1 × \(\frac{100}{3}\) = 33.3%