Question : The ratio of the cost price and selling price of an article is 10 : 11. The gain percentage is:
Option 1: 10%
Option 2: 8%
Option 3: 5%
Option 4: 15%
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Correct Answer: 10%
Solution :
Let the cost price and selling price be $10x$ and $11x$, respectively.
Profit percentage = $\frac{\text{Selling Price – Cost Price}}{\text{Cost Price}}\times 100$
= $\frac{11x-10x}{10x}\times100$
= $\frac{x}{10x}\times100$
= 10%
Hence, the correct answer is 10%.
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