A shopkeeper wrongly calculates his profit on the selling price of an article and finds it to be 40%. What is his actual profit percentage?
Answer & explanation
Correct answer: option 3
According to the question,
40% of the selling price = Profit
Profit : Selling price = 2 : 5
Cost price = 5 - 2 = 3
Profit on CP = 3 × \(\frac{100}{2}\) = $66\frac{2}{3}$