Question : If profit is $\frac{1}{11}$th of the selling price, what is the profit percentage?
Option 1: $9\frac{1}{11}\%$
Option 2: $10\%$
Option 3: $8\frac{1}{3}\%$
Option 4: $11\frac{1}{9}\%$
Correct Answer: $10\%$
Solution :
Given: Profit is $\frac{1}{11}$th of the selling price.
Let the selling price be 11 units.
Then, the profit is 1 unit.
So the cost price is = (11 – 1) = 10 units
We know, the profit percentage $=\frac{\text{Profit}}{\text{Cost price}}×100=\frac{1}{10}×100=10\%$
Hence, the correct answer is 10%.
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