Question : 70% of the cost price of an article is equal to 40% of its selling price. What is the profit or loss percent?
Option 1: 63% loss
Option 2:
70% loss
Option 3:
75% profit
Option 4:
80% profit
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Correct Answer:
75% profit
Solution :
Let the cost price be Rs. 100 and the selling price is Rs. S.
According to the question,
70% of the cost price = 40% of the selling price
⇒ 70 × $\frac{100}{100}$ = $\frac{40}{100}$S
⇒ S = Rs. 175
Profit = 175 – 100
Profit = Rs. 75
Profit percentage = $\frac{\text{Profit}}{\text{Cost price}}$ × 100
Profit percentage = $\frac{75}{100}$ × 100 = 75%
Hence, the correct answer is 75% profit.
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