Multiple choice

A shopkeeper, by selling 21 pairs of Nike shoes, earns a profit equal to the selling price of 5 pairs of Nike shoes. His profit percentage is

  1. 31.25 percent

  2. 23.8 percent

  3. 47.6 percent

  4. 16.35 percent
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A Correct answer
Explanation

Profit = SP of 5 pairs. Since Profit = SP - CP, we have SP(5) = SP(21) - CP(21). Thus, CP(21) = SP(16). This means SP/CP = 21/16. Profit percentage = ((SP-CP)/CP) * 100 = ((21-16)/16) * 100 = (5/16) * 100 = 31.25 percent.

AI explanation

Using the formula for profit percentage when profit equals the selling price of y items out of x items sold, the profit percentage is (y divided by (x minus y)) multiplied by 100. Substituting the given values, we get (5 divided by (21 minus 5)) multiplied by 100. This simplifies to (5 divided by 16) multiplied by 100, resulting in a profit percentage of 31.25 percent.

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