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Profit and Loss

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  1. A person wants to reduce the trade tax so he calculates his profit on the sale price instead of on the cost price.In this way by selling a article for Rs. 280 he calculates his profit as 142/7%. What is his actual profit percentage ?
    1. 20 %
    2. 16.66 %
    3. 25 %
    4. data insufficient
Correct Option: B

Selling price(SP) = 280.
Cost price (CP) = SP - 142/7% = 240.

Actual profit (%) = (40 / 240) x 100 = 16.66%


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