Question

Hari purchased a bike at Rs.55000. He sold it to his friend for Rs. 60500. What is the profit/loss he made in percentage?

• A. Profit of 8%
• B. Profit of 10%
• C. Profit of 5%
• D. Loss of 10%

Answer 1

The correct option is B Profit of 10%

Cost Price (CP) = Rs 55000

Selling Price (SP) = Rs 60500

As SP > CP, he made a profit = Rs 60500 - Rs 55000 = Rs 5500.

Profit% = $\frac{5500}{55000}$×100%​ = 10%