Question

Hari purchased a bike for ₹ 55000. He sold it to his friend for ₹ 60500. What is the profit or loss percent ?

• 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%

Given:
Cost Price (CP) = ₹ 55,000
Selling Price (SP) = ₹ 60,500

As SP > CP, there is a profit made which is calculated as:

Profit = SP - CP
= ₹(60,500 - 55000)
= ₹ 5500

$\text{Profit}\%=\frac{\text{Profit}}{\text{CP}}\times 100$

$=\frac{₹5500}{₹55000}\times 100$

$=\frac{1}{10}\times 100$

$=10\%$