A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?
Question
Solution
Step 1: Let's assume the cost price of one Omega watch is 'x' units.
Step 2: Therefore, the cost price of 17 Omega watches is 17x units.
Step 3: The shopkeeper earns a profit equal to the selling price of 7 Omega watches. So, the profit is 7x units.
Step 4: The selling price of 17 Omega watches is the cost price plus profit, which is 17x + 7x = 24x units.
Step 5: The profit percentage is calculated by the formula (Profit/Cost Price) * 100. Substituting the given values, we get (7x/17x) * 100 = 41.18%.
So, the profit percentage of the shopkeeper is 41.18%.
Similar Questions
Mr Ali would make a profit of 59% if he sells his watch at $4611. Find out how much profit he would get if he sold his watch at $5000.
A shopkeeper earns a profit of 15% after selling a book at 20% discount on the printed price. The ratio of the cost price and printed price of the book is?
If profit as a percentage of the selling price is 18%, then what is the profit as a percentage of the cost price?21%21.95%22%22.5%
A shopkeeper has 1000 kg of pepper. A part of this, he sells at 12% profit and 25% profit. Overall, he gains 18%. How many Kgs did he sell at 20% profit?
Mrs Chen will make a profit which is 12% of the original price, if she sells the necklace at $4144. What will be her profit if she sells the necklace at $4250?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.