Question : A person earns a profit of 30% by selling an article for INR 325. How much per cent should he increase his selling price to earn a profit of 40%?
Option 1: 6.66%
Option 2: 8.25%
Option 3: 7.69%
Option 4: 5.25%
Correct Answer: 7.69%
Solution :
Selling price = INR 325
Profit = 30% of cost price
Selling price = cost price + profit
325 = cost price + 30% of cost price
⇒ 325 = 130% of cost price
Cost price = $\frac{325}{1.3}$ = INR 250
Profit = 40% of cost price
= 0.4 × 250
= 100
Selling price = cost price + profit
= 250 + 100
= INR 350
Required percentage = $\frac{350-325}{325}$ × 100
= $\frac{2500}{325}$
= $\frac{100}{13}$
= 7.69%
Hence, the correct answer is 7.69%.
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