Question : A man gains 20% by selling an article for a certain price. If he sells it at double the price, the percentage of profit will be:
Option 1: 40%
Option 2: 100%
Option 3: 120%
Option 4: 140%
Correct Answer: 140%
Solution :
Let the cost price (CP) be Rs. 100.
Profit = 20%
Selling price (SP) = 100 + 20 = Rs. 120
When the selling price is doubled, SP × 2 = (120 × 2) = Rs. 240
New profit = (New SP – CP) = (240 – 100) = Rs. 140
Thus, Profit % = $\frac{140}{100}$ × 100 = 140%
Hence, the correct answer is 140%.
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