A shopkeeper purchased pens in bulk for ₹28 each. He sold each for ₹40. What was his profit percentage?
Answer & explanation
Correct answer: option 1
The cost price of the pen = 28
The selling price of the pen = 40
Profit = 40 - 28 = 14
Profit% = 12 × \(\frac{100}{28}\) = 42.85%