Multiple choice

Income tax department raided a store. They asked the owner what profit he earned on his items. The shopkeeper gave them a mathematical expression and asked them to calculate the profit themselves. 15(SP) = 18(CP) + 2(Profit) What is the profit percentage earned by the shopkeeper?

  1. 12.5%

  2. 50%

  3. 65%

  4. 23%

  5. Data insufficient
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

15(SP) = 18(CP) + 2(Profit). Since Profit = SP - CP, 15(SP) = 18(CP) + 2(SP - CP) = 18(CP) + 2(SP) - 2(CP) = 16(CP) + 2(SP). 13(SP) = 16(CP). SP/CP = 16/13. Profit % = ((16-13)/13) * 100 = 3/13 * 100 = 23.07%.

AI explanation

By substituting the basic profit equation Profit equals Selling Price minus Cost Price into the given relation, 15 times the Selling Price equals 18 times the Cost Price plus 2 times the Selling Price minus 2 times the Cost Price. Simplifying this yields 13 times the Selling Price equals 16 times the Cost Price, meaning the Selling Price is 16/13 of the Cost Price. The profit is 3/13 of the Cost Price, which calculates to a 23% profit percentage.

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