By selling 120 mangoes, a shopkeeper gains the selling price of 20 mangoes. Find his profit percentage.
Answer & explanation
Correct answer: option 1
By selling 120 mangoes, a shopkeeper gains the selling price of 20 mangoes means,
120SP - 120CP = 20SP
6SP - 6CP = SP
6SP - SP = 6CP
5SP = 6CP
SP : CP = 6 : 5
Profit% = ( 6 – 5 ) × \(\frac{100}{5}\) = 20%