The cost price of an article is $\frac{6}{7}$ of its selling price. What will be the profit or loss percentage?
Answer & explanation
Correct answer: option 3
Cost price of an article = $\frac{6}{7}$ of its selling price.
\(\frac{SP}{CP}\) = \(\frac{6}{7}\)
Profit % = (7 - 6) × \(\frac{100}{6}\) = 16.67%