Profit and Loss - Arithmetic Aptitude Questions and Answers

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What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I.	Labeled price of the articles sold was 130% of the cost price.
II.	Cost price of each article was Rs. 550.
III.	A discount of 10% on labeled price was offered.

Only I

Only II

I and III

All the three are required

Question cannot be answer even with information in all the three statements.

Answer : Option C

Explanation :

I. Let C.P. be Rs. x.

Then, M.P. = 130% of x = Rs.

$[\frac { 13X } { 10 }]$

III. S.P. = 90% of M.P.Thus, I and III give, S.P. = Rs. $[\frac { 90 } { 100}$ x $\frac { 13X } { 10 }]$ = Rs. $[\frac { 117X } { 100 }]$

Gain = Rs. $[\frac { 117X } { 100 }- X]$ = Rs.. $\frac { 17X } { 100 }$

Thus, from I and III, gain % can be obtained.

Clearly, II is redundant.

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