Question : A man earns a profit of 35 percent by selling a chair for a certain price. If he sells that chair at double the price, then what will be the profit percentage?
Option 1: 170%
Option 2: 70%
Option 3: 180%
Option 4: 150%
Correct Answer: 170%
Solution :
Given: A man earns a profit of 35 percent by selling a chair for a certain price.
Profit = SP – CP
Profit percentage = $\frac{\text{Profit}}{CP}\times 100$
where SP is the selling price and CP is the cost price.
Let the CP of the chair be INR 100.
According to the question,
SP = (100 + 100 × 35%)
⇒ SP = (100 + 35) = INR 135
According to the question,
The new SP = 2 × 135 = INR 270
The new profit = INR 270 – INR 100 = INR 170
The new profit percentage = $\frac{170}{100} × 100 = 170\%$
Hence, the correct answer is 170%.
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