Question : A man earns a profit of 45% by selling a bike for a certain price. If he sells that bike at double the price, then what will be the profit percentage?
Option 1: 80%
Option 2: 180%
Option 3: 90%
Option 4: 190%
Correct Answer: 190%
Solution :
Let the cost price of the bike be $x$.
Selling price of the bike = $\frac{145}{100}×x$
If he sells the bike for double the price, the selling price will be $\ \frac {145x}{100}×2=\frac{145x}{50}$
$\therefore$ Profit percentage = $\frac{\frac{145x}{50}-x}{x}×100=\frac{95x}{50}×\frac{1}{x}×100=190$%
Hence, the correct answer is 190%.
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