Discussion
A Shopkeeper gets 14% profit by selling a watch at ₹ 2850 but he sold the watch after giving a discount for ₹ 2700. What is his profit percentage?
Answer: C
His profit is 8 %.
A 14% profit at a selling price of 2850 gives the cost price:
\[ \begin{aligned} \text{CP} &= \frac{2850}{1.14} = 2500 \\ \text{profit} &= 2700 - 2500 = 200 \\ \text{profit}\% &= \frac{200}{2500} \times 100 = 8 \end{aligned} \]
The discount only lowers the selling price to 2700, so the cost price stays 2500. Working the profit out on the selling price instead (200 out of 2700, about 7.4%) is the slip behind the 7% option.
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