Discussion
Mayur purchased a scooter for ₹50,000 and sold it for ₹60,000. What is the profit percentage he made on the scooter?
Answer: C
The profit is Rs 10,000 on a cost price of Rs 50,000, so the profit percentage is 10000/50000 x 100 = 20 per cent. 10 per cent would be a profit of Rs 5,000, 15 per cent Rs 7,500 and 25 per cent Rs 12,500. Profit percentage is always taken on the cost price, so the base is Rs 50,000 and not the selling price. Using Rs 60,000 as the base would give 16.67 per cent, which is not an option.
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