A person bought some pens at the rate of 30 per rupee and sold them at the rate of 20 for a rupee. What is the profit percentage?
Answer & explanation
Correct answer: option 1
Cost price of 1 pen = 1/30
Selling price of 1 pen = 1/20
Profit = $\frac{1}{20} - \frac{1}{30}$
=$\frac{1}{60}$
Profit percent = $\frac{profit}{Cost\; price}$ x 100
= $\frac{\frac{1}{60}}{\frac{1}{30}}$ x 100 = 50%