Question : 40 percent of the cost price of an article is equal to 24 percent of its selling price. What is the profit percentage?
Option 1: 60 percent
Option 2: 50 percent
Option 3: 66.66 percent
Option 4: 52.5 percent
Correct Answer: 66.66 percent
Solution :
Let the cost price of the article as CP and the selling price as SP.
Given that 40% of CP is equal to 24% of SP.
⇒ 0.40 × CP = 0.24 × SP
⇒ $\frac{SP}{CP} = \frac{0.40}{0.24}=\frac{5}{3}$
Let SP be $5x$ and CP be $3x$.
We know, Profit percentage = $\frac{\text{Selling price – Cost price}}{\text{Cost price}}×100=\frac{5x-3x}{3x}×100= \frac{2}{3} \times 100= 66.66\%$
Hence, the correct answer is 66.66 percent.
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