A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?41.10%82.20%70%12.20%None
Question
A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?
Options:
- 41.10%
- 82.20%
- 70%
- 12.20%
- None
Solution
Let's denote:
- C as the cost price of one Omega watch
- S as the selling price of one Omega watch
- P as the profit for one Omega watch
From the problem, we know that:
- The profit from selling 17 watches is equal to the selling price of 7 watches. So, 17P = 7S.
- The profit for one watch is equal to the selling price minus the cost price. So, P = S - C.
We can substitute the second equation into the first to get:
17(S - C) = 7S 17S - 17C = 7S 10S = 17C S = 1.7C
This means the selling price is 170% of the cost price, or in other words, the shopkeeper makes a 70% profit on each watch. So, the correct answer is 70%.
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