Select the correct answerA person buys 80 kg of rice and sells it at a profit of as much money as he paid for 30 kg. His profit percentage is?
Question
Select the correct answer
A person buys 80 kg of rice and sells it at a profit of as much money as he paid for 30 kg. His profit percentage is?
Solution
Sure, let's solve this step by step:
Step 1: First, we need to find out the cost price of the rice. Let's assume the cost price of 1 kg of rice is 80.
Step 2: The person makes a profit equal to the cost of 30 kg of rice. So, the profit is $30.
Step 3: Now, we need to calculate the selling price. The selling price is the cost price plus the profit. So, the selling price would be 30 (profit) = $110.
Step 4: The profit percentage is calculated as (Profit/Cost price) * 100. So, the profit percentage would be (80) * 100 = 37.5%.
So, the person's profit percentage is 37.5%.
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