Question
Download Solution PDFGopal sold 152 chairs and had a gain equal to the selling price of 76 chairs. What is his profit percentage?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Number of chairs sold = 152
Gain = Selling price of 76 chairs
Formula used:
Profit = Selling Price (SP) - Cost Price (CP)
Profit % = (Profit / CP) × 100
Calculation:
Let the selling price of 1 chair be ₹1.
Selling Price (SP) of 152 chairs = 152 × ₹1 = ₹152
Gain = Selling price of 76 chairs = 76 × ₹1 = ₹76
We know that Profit = SP - CP
⇒ 76 = 152 - CP
⇒ CP = 152 - 76
⇒ CP = ₹76
Now, calculate the profit percentage:
Profit % = (Profit / CP) × 100
⇒ Profit % = (76 / 76) × 100
⇒ Profit % = 1 × 100
⇒ Profit % = 100%
∴ Gopal's profit percentage is 100%.
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