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Question 68
The selling price of a pen is ₹660. If the profit is 20%, then what is the nominal profit earned on the sale of the pen?
Solution
Let's assume the cost price of a pen is '100y'.
If the profit is 20%.
Profit on selling that pen = 100y of 20%
= $$100y\times\frac{20}{100}$$
= 20y
The selling price of a pen is ₹660.
selling price of a pen = (100y+20y) = 660
120y = 660
y = 5.5
Nominal profit earned on the sale of the pen = 20y
= $$20\times5.5$$
= ₹110
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