40 chairs are bought at the marked price of 36 chairs. If these 40 chairs are sold after giving a discount of 1%, then find the profit percentage?
Answer & explanation
Correct answer: option 4
Let CP of 1 chair = 1 Rupees
CP of 40 chairs= 36 × 1 = 36 rupees
SP of 40 chairs = 40 × 1 = 40 rupees
After giving 1% discount,
New SP = 40 - 40 × 1% = 40 - 0.4 = 39.6 rupees
Profit = 39.6 - 36 = 3.6 rupees
Profit percentage = \(\frac{3.6}{36}\) × 100 = 10%