QUESTION

# Mike bought an old cycle for 500 rupees and spent 100 rupees on its repair. He sold that cycle for 1200 rupees. Calculate his profit percent.A. $12.22\%$B. $32.23\%$C. $22.22\%$D. $100\%$

Hint: In order to find the profit percentage, first we will calculate the gain by subtracting cost price from selling price and dividing it by cost price. To make this as percent we will multiply it by 100.

Therefore total cost price of the cycle = cost price $= Rs.500 + Rs.100 = Rs.600$
We know that if selling price is represented by x and cost price is represented by y then profit will be given as $x - y$
${\text{gain percentage = }}\dfrac{{{\text{gain}}}}{{{\text{cost price}}}} \times 100{\text{ or }}\dfrac{{x - y}}{y} \times 100$
${\text{gain percentage = }}\dfrac{{x - y}}{y} \times 100 \\ = \dfrac{{1200 - 600}}{{600}} \times 100 \\ = 100\% \\$
Hence, his profit is $100\%$ and option “D” is the correct answer.