Multiple choice

A book was sold for $27.50$ with a profit of $10\%$. If it were sold for $25.75$, then what would have been the percent of profit or loss?

  1. $1\%$
  2. $2\%$
  3. $3\%$
  4. $4\%$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

SP1 = 27.50, Profit = 10%. CP = 27.50 / 1.1 = 25. If SP2 = 25.75, Profit = (25.75 - 25) / 25 = 0.75 / 25 = 0.03 = 3%.

AI explanation

Using the cost price formula, Cost Price equals Selling Price divided by (1 plus Profit Percentage), which is 27.50 divided by 1.10, making the cost price 25. When the book is sold for 25.75, the profit is 0.75. Applying the profit percentage formula, the profit percentage is 0.75 divided by 25 multiplied by 100, which equals 3 percent.

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