Question : In a certain shop, the profit is 130% of the cost. If the cost increases by 28% and the selling price remains constant, then what is the profit percentage to the nearest whole number?
Option 1: 75%
Option 2: 60%
Option 3: 59%
Option 4: 80%
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Correct Answer: 80%
Solution :
Let the cost price be $x$.
With 130% profit, selling price $=x + \frac{130}{100}x=2.3 x$
With a 28% increase in cost price, cost price $=x + \frac{28}{100}x=1.28x$
Now, Profit percentage = $\frac{\text{Selling price – Cost price}}{\text{Cost price}}×100$
= $\frac{2.3x - 1.28x}{1.28x}\times 100$
= $79.68\% \approx 80\%$
Hence, the correct answer is 80%.
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