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 14 2/ 7%. What is his actual profit percentage?

Q: 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 14 2/ 7%. What is his actual profit percentage?

Selling price(SP) = 280. Cost price (CP) = SP - 142/7% = 240. Actual profit (%) = (40 / 240) x 100 = 16.66%

20 %
16.66 %
25 %
data insufficient

Correct Answer: 16.66 %

Explanation:

Selling price(SP) = 280.
Cost price (CP) = SP - 14²/₇% = 240.
Actual profit (%) = (40 / 240) x 100 = 16.66%

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