If the cost price of 24 articles is equal to the selling price of 15 articles, then find the percentage of profit.
Correct Answer :
60%
Solution :
The correct option is 60%.
Let the cost price (CP) of one article be and the selling price (SP) of one article be .
According to the question, the cost price of 24 articles is equal to the selling price of 15 articles. Therefore, we can write:
From this relation, we can find the ratio of the selling price to the cost price:
Simplifying the fraction by dividing both the numerator and the denominator by their greatest common divisor, which is 3, we get:
This ratio indicates that if the cost price (CP) is 5 units, the selling price (SP) is 8 units.
The profit earned is calculated as:
Now, we can find the profit percentage using the formula:
Substituting the values into the formula:
Simplifying further:
Thus, the profit percentage is 60%.
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