Question

Jeevan bought an article with a 30 percent discount on the labelled price. He sold the article with 12 percent profit on the labelled price. What was his percent profit on the price he bought?
(a) 40
(b) 50
(c) 60
(d) Data inadequate

Answer 1

Hint:First we have to take x as the price of the article and then we will find 30 percent of it, which is the price in which he bought and then he sold it with 12 percent more than the initial price x. With that much information we can find the percent profit.

Complete step-by-step answer:
Let us assume that the price of an article is x.
As he bought an article with 30% discount then the amount of money that he spent on buying that article is $100\%-30\%=70\%x$
The amount of money that he spent on buying that article is $\dfrac{70x}{100}$ …………. (1)
Now, it is given in the question that he sold the article for 12 percent more than the labelled price then $100\%+12\%=112\%x$
 which is = $\dfrac{112x}{100}$ …………. (2)
Now, to calculate the percent profit on the price he bought will be:
$\left( \dfrac{price\text{ in which he sold - price in which he purchase}}{\text{price in which he purchase}} \right)\times100$
Using the values of price in which he sold and price in which he purchase from (1) and (2)
$\begin{align}
  & \Rightarrow \left( \dfrac{\dfrac{112x}{100}-\dfrac{70x}{100}}{\dfrac{70x}{100}} \right)\times100 \\
 & \Rightarrow \left( \dfrac{112}{70}-1 \right)\times100 \\
 & \Rightarrow \left( 1.6-1 \right)\times100 \\
 & \Rightarrow 60 \\
\end{align}$
Therefore, his percent profit on the price he bought is 60.
Hence, the correct answer is option is option (c).

Note: We can also solve this question by taking the value of x = 100, then the calculations will become much easier and will take less time to solve and will also help to understand the question even better.