Question : If the cost price is 72% of the selling price, then what is the percentage of profit? (Correct to 2 decimal places)
Option 1: 38.89%
Option 2: 35.75%
Option 3: 32.25%
Option 4: 28.75%
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Correct Answer: 38.89%
Solution : Let the selling price (SP) be $x$ Cost price = $\frac{72}{100}\times x$ Now, the profit percentage = $\frac{\text{Selling price – Cost price}}{\text{Cost price}}×100$ = $\frac{x-\frac{72}{100}x}{\frac{72}{100}x}\times 100$ = $\frac{\frac{28}{100}x}{\frac{72}{100}x}\times 100$ = $38.89\%$ Hence, the correct answer is 38.89%
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