Question

If a car is sold for Rs. 500000, the profit is 17%. What would be the profit
percentage if it is sold for Rs. 470000?

Answer 1

Answer:

10%

9.98% in round off 10%

Answer 2

Given - Original SP = Rs. 500000

New SP = Rs. 470000

Profit = 17%

Find - Profit percentage

Solution - Firstly we will be calculating cost price by the formula SP = 100 + P%/100*CP

Keeping the values in the equation and taking CP as x.

500000 = 100 + 17/100*x

500000 = 117x/100

x = 500000*100/117

x = 50000000/117

Hence, CP is Rs. 50000000/117

Now, calculating Profit on new SP. So, profit = SP - CP

Profit = 470000 - 50000000/117

Profit = 470000*117 - 50000000/117

Profit = (54990000 - 50000000)/117

Profit = 4990000/117

Finally calculating profit% using profit and CP values.

So, Profit % = profit/CP*100

Profit % = 4990000/117/50000000/117*100

Profit % = 0.998*100

Profit % = 9.98% which is equivalent to 10%.

Thus, the profit percentage on Rs. 470000 as cost price is 10%.