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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