Multiple choice

If the cost price of 18 chairs is equal to selling price of 16 chairs, then the gain percent is

  1. 12.5%

  2. 13%

  3. 13.5%

  4. 14%
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

18 * CP = 16 * SP. SP/CP = 18/16 = 9/8. Gain = (9-8)/8 = 1/8 = 12.5%.

AI explanation

Let the cost price of one chair be CP and the selling price be SP. According to the given condition, 18 times CP equals 16 times SP, so the ratio of CP to SP is 16 to 18 or 8 to 9. Using the profit percentage formula, profit percent equals ((SP minus CP) divided by CP) multiplied by 100. Substituting the values gives ((9 minus 8) divided by 8) multiplied by 100, which equals 12.5 percent.

Keep practicing — related questions