A man sells his goods at a certain price, 20% of whichis his profit. If the price at which he buys the goods increases by 10% and hesells them at an 8% higher price, then what will be his profit percent (correct to one decimal place)?
Let the selling price be Rs.100.
Profit = 20%
profit = Rs.20
Cost price = 100 - 20 = Rs 80
Now,
He buys the goods increases by 10% and he sells them at an 8% higher price.
So,
New cost price = 80 $$\times \frac{110}{100}$$ = Rs 88
New selling price = 100 $$\times \frac{108}{100}$$ = Rs 108
Profit = 108 - 88= Rs 20
Profit percentage =Â $$\frac{20}{88} \times$$ 100 = 22.72%
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