Question : The initial profit percentage on the sale of an item was 55%. If the item's cost price went up by 24%, but the selling price remained the same, what would be the new profit percentage?
Option 1: 36%
Option 2: 25%
Option 3: 28%
Option 4: 33%
Correct Answer: 25%
Solution :
Let the cost price of an article be 100.
⇒ profit = 100 × 55% = 55
Now, selling price = 100 + 55 = 155
New cost price = 100 + 100 × 24% = 124
So, new profit = 155 – 124 = 31
$\therefore$ Profit percentage = $\frac{31}{124} × 100= 25\%$
Hence, the correct answer is 25%.
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