Multiple choice

By selling 8 iphones, a shopkeeper earns a profit equal to the selling price of 3 iphones. His profit percentage is

  1. 60 percent

  2. 37.5 percent

  3. 75 percent

  4. 15 percent
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Profit = SP of 3. Let SP of 1 be 1. Total SP = 8. Total Profit = 3. CP = SP - Profit = 8 - 3 = 5. Profit percentage = (Profit / CP) * 100 = (3 / 5) * 100 = 60 percent.

AI explanation

Given that the profit from selling 8 iPhones equals the selling price of 3 iPhones, we write the equation 8(S - C) = 3S. Expanding this gives 8S - 8C = 3S, which simplifies to 5S = 8C, or S = (8/5)C. The profit is S - C = (8/5)C - C = (3/5)C. Using the profit percentage formula, Profit % = (Profit / Cost) x 100, we get ((3/5)C / C) x 100 = 60 percent.

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