Question 65

The cost price of an article is $$\frac{6}{7}$$ of its selling price. What will be the profit or loss percentage?

Solution

Let's assume the selling price of the article is '7y'.
The cost price of an article is $$\frac{6}{7}$$ of its selling price.

the cost price of an article = $$7y \times\frac{6}{7}$$ = 6y

Profit % = $$\frac{(selling\ price-\cos t\ price)}{\cos t\ price}\times100$$

= $$\frac{(7y - 6y)}{6y}\times100$$

= $$\frac{y}{6y}\times100$$

= $$\frac{100}{6}$$

= 16.67%

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