If the selling price of an item is doubled then the profit is tripled. What is the percentage of profit?
A) 50%
B) 100%
C) 150%
D) 200%
E) 250%
In a question like this, there is no specified amount (where the item starts or winds up), and there are answer choices that are ratios (percentages).
It's always safe to assume your own numbers in cases like this so that's how we'll approach this question.
Let the profit be 10, then
Selling P - Cost = 10 and (Double*Selling P) - Cost = 30
If you subtract the two equations from each other you find that
Selling P = 20 and Cost = 10 so Cost and Profit are equal value, 10.
B.
A Quick Brush Up on Profit
Example 1:
A shop owner buys cans in bulk for $30 each. He sells them for $20 each. What is the loss and the loss percentage?
Solution:
Find Loss and Loss Percentage:
Selling price = $20; Cost price = $30
Using the profit and loss formulas, Loss = CP - SP
Loss = $30 - $20 = $10
Using Loss Percentage Formula, Loss% = (loss/CP) × 100
Loss Percentage = (10 /30) × 100
= 33.33%
Answer: Loss = $10 and loss percentage = 33.33%.
Example 2:
On selling a widget for $987, Jane loses 6%. Using the profit loss formula, find out how much did she purchase it for?
Solution:
To find: Cost price of the widget
Loss Percentage = 6%; S.P. = $987
If the loss is 6%, it means that if the cost price is $100, the loss incurred is $6.
When C.P. is $100, S.P.= C.P. - Loss = 100 - 6 = $94
When S.P. is $94, C.P. = $100
When S.P. is $987, C.P. = 100/94 × 987 = $1050
Answer: Cost price of the widget = $1050
Example 3: If the cost of 6 pens is equal to the selling price of 4 pens, find the profit percent using the profit and loss formula.
Solution:
Let the CP of pens be a.
Then CP of 6 pens = 6a
CP of 4 pens = 4a
SP of 4 pens = 6a
Using the profit and loss formulas,
Profit= SP- CP
profit = 6a - 4a = 2a
Profit % = (profit /CP) × 100
= (2a/4a)× 100 = 50%
Answer: Therefore, the profit % is 50%
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nice
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