By selling 67 articles, a person gains a profit equal to the selling price of 7 articles. Find the profit percentage.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → \(11\frac{2}{3}\)%
Cost price = selling price − profit. Here the profit is the selling price of 7 articles, so the cost of 67 articles equals the selling price of \(67-7=60\) articles. Profit per cent is taken on the cost price.
Let the selling price of one article be Rs 1
Selling price of 67 articles \(=\) Rs 67, profit \(=\) Rs 7
Cost price of 67 articles \(=67-7=\) Rs 60
Profit % \(\displaystyle =\frac{7}{60}\times100=\frac{35}{3}=11\frac{2}{3}\%\)
The profit is \(11\frac{2}{3}\)%.