Question : A man earns a profit of 20% by selling a calculator for a certain price. If he sells that calculator at double the price, then what will be the profit percentage?
Option 1: 140%
Option 2: 160%
Option 3: 60%
Option 4: 120%
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Correct Answer: 140%
Solution :
Let the Cost price be $x$.
A man gains 20% by selling an article.
Then, selling price $=\frac{120x}{100}=\frac{6x}{5}$
New selling price $=\frac{2\times 6x}{5}=\frac{12x}{5}$
Thus, profit $=$ selling price – cost price $=\frac{12x}{5}-x=\frac{7x}{5}$
$\therefore$ Profit percentage $=\frac{\text{Selling price – Cost price}}{\text{Cost price}}×100=\frac{\frac{7x}{5}}{x}\times100 = 140$%
Hence, the correct answer is 140%.
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