A man has 5 articles of equal cost price. He sells the first at a profit of 2%, the second at a loss of 3%, the third at a profit of 10% and the fourth at a profit of 4%. If he wants an overall profit of 6%, find the profit percentage on the fifth article.
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → 17%
When all the articles cost the same, the profit and loss percentages can simply be added: the overall profit % is their total divided by the number of articles.
Let each article cost Rs 100, so the total cost is Rs 500
Required total profit \(=6\%\) of 500 \(=\) Rs 30
Profit on the first four \(=2-3+10+4=\) Rs 13
Profit needed on the fifth \(=30-13=\) Rs 17 on a cost of Rs 100
Profit % on the fifth \(=17\%\)
He must sell the fifth article at a profit of 17%.