The cost price of a chair is 25% less than the cost price of a table. If a man sells 5 chairs at the cost price of 7 tables, what is his profit per cent?
Correct Answer :
86.66
Solution :
The correct option is 86.66.
To find the profit percent, let us break down the relation between the cost prices and the selling prices step-by-step.
Step 1: Define the cost price of a table and a chair
Let the cost price (CP) of a table be .
The cost price of a chair () is 25% less than the cost price of a table. Therefore, we can express the cost price of a chair as:
This means the total cost price of 5 chairs is:
Step 2: Determine the selling price of 5 chairs
According to the problem, the man sells 5 chairs at the cost price of 7 tables. Therefore:
Step 3: Calculate the profit
Profit is the difference between the total selling price and the total cost price of the 5 chairs:
Substituting the values:
Step 4: Calculate the profit percent
The profit percent is calculated based on the total cost price of the chairs:
Substituting the expressions we found:
We can simplify the expression by canceling out and rewriting the decimals as integers:
Reducing the fraction by dividing the numerator and the denominator by 25:
Thus, the man's profit percentage is 86.66%.
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