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A trader marks the price at 8 percent higher than the original price. Due to the hike in demand he again increases the price by 10 percent. How much percent profit he gets.
- a)17.8%
- b)18.8%
- c)19.8%
- d)20.8%
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A trader marks the price at 8 percent higher than the original price. ...
Answer – b) 18.8% Explanation : Suppose initial price = 100 Then final price = 100*(108/100)*(110/100) = 118.8 So percent profit = 18.8
Most Upvoted Answer
A trader marks the price at 8 percent higher than the original price. ...
To calculate the percentage profit, we need to find the difference between the final selling price and the original price, and then express it as a percentage of the original price.
Let's consider the original price as 100 units.
Step 1: Increase the price by 8%
The trader marks the price at 8 percent higher than the original price, so the new price becomes 100 + (8% of 100) = 100 + 8 = 108 units.
Step 2: Increase the price by 10%
Due to the hike in demand, the trader further increases the price by 10%. The new price becomes 108 + (10% of 108) = 108 + 10.8 = 118.8 units.
Step 3: Calculate the profit percentage
To find the percentage profit, we need to find the difference between the final selling price (118.8 units) and the original price (100 units), and divide it by the original price (100 units). Then multiply by 100 to express it as a percentage.
Profit = (Final Selling Price - Original Price) / Original Price * 100
Profit = (118.8 - 100) / 100 * 100
Profit = 18.8%
Therefore, the trader gets a 18.8% profit. Hence, the correct answer is option B.
Let's consider the original price as 100 units.
Step 1: Increase the price by 8%
The trader marks the price at 8 percent higher than the original price, so the new price becomes 100 + (8% of 100) = 100 + 8 = 108 units.
Step 2: Increase the price by 10%
Due to the hike in demand, the trader further increases the price by 10%. The new price becomes 108 + (10% of 108) = 108 + 10.8 = 118.8 units.
Step 3: Calculate the profit percentage
To find the percentage profit, we need to find the difference between the final selling price (118.8 units) and the original price (100 units), and divide it by the original price (100 units). Then multiply by 100 to express it as a percentage.
Profit = (Final Selling Price - Original Price) / Original Price * 100
Profit = (118.8 - 100) / 100 * 100
Profit = 18.8%
Therefore, the trader gets a 18.8% profit. Hence, the correct answer is option B.
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