Profit and Loss

Solve the question of and select the option from the choices A through D/E. Check your Answer and view the explanation.

A man gains 20% by selling an article for a certain price. If he sells it at double the price, the percentage of profit will be.

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Let the C.P. = x,

Then S.P. = $\frac{120}{100}$ × x = $\frac{6x}{5}$

New S.P. = 2 $\frac{6x}{5}$ = $\frac{12x}{5}$

Profit = $\frac{12x}{5}$ - x = $\frac{7x}{5}$

Profit % = $\frac{1}{x}$ × 100

$\frac{7x}{5}$ &rimes; $\frac{1}{x}$ × 100 = 140 %