A man buys an article for Rs.27.50 and sells it for Rs.28.60. Find his gain percent.(A) 1% (B) 2% (C) 3% (D) 4%
Question
A man buys an article for Rs.27.50 and sells it for Rs.28.60.
Find his gain percent.
(A) 1%
(B) 2%
(C) 3%
(D) 4%
Solution
Step 1: First, we need to find out how much profit the man made. We do this by subtracting the cost price from the selling price.
Profit = Selling Price - Cost Price Profit = Rs.28.60 - Rs.27.50 Profit = Rs.1.10
Step 2: Next, we need to calculate the profit percentage. The formula to calculate profit percentage is:
Profit % = (Profit / Cost Price) * 100
Substituting the values we have:
Profit % = (Rs.1.10 / Rs.27.50) * 100 Profit % = 4%
So, the man made a profit of 4% on the article. Therefore, the correct answer is (D) 4%.
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