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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