Question : The cost price of an article is INR 2,800. Profit as a percentage of the selling price is 20%. What is the actual profit (in INR)?
Option 1: INR 616
Option 2: INR 504
Option 3: INR 700
Option 4: INR 560
Correct Answer: INR 700
Solution :
Given: The cost price (CP) of an article is INR 2,800 and the profit is 20%
Profit = (Selling price – Cost price)
Profit percentage = $\frac{\text{Profit}}{SP} \times 100$
According to the question,
$20 = \frac{\text{Profit}}{SP} \times 100$
⇒ $20 = \frac{SP–2800}{SP} \times 100$
⇒ 20 SP = 100 SP – 280000
⇒ 80 SP = 280000
⇒ SP = INR 3,500
The actual profit = INR 3,500 – INR 2,800 = INR 700
Hence, the correct answer is INR 700.
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