Question 62
A shopkeeper wrongly calculates his profit on the selling price of an article and finds it to be 40%. What is his actual profit percentage?
Solution
Let Selling price of an article = Rs 100
Profit is calculated on selling price as given in question
profit = $$40\%\ of\ 100$$ = $$\frac{40}{100}\times\ 100=40$$
We know,
Profit = Selling price - Cost Price
Cost price = Selling price - profit = 100 - 40 = 60
Profit % = $$\frac{profit}{\cos t\ price\ }\times\ 100$$
i.e; $$\frac{40}{60}\times\ 100=66\frac{2}{3}\%$$
Hence, Option C is correct.
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