If the ratio of selling price to the cost price of an article is 15 : 8, then what is the profit percentage?
Given: The ratio of Selling Price (SP) to Cost Price (CP) is 15:8.
Formula Used: Profit Percentage = [(SP - CP) / CP] * 100
Solution:
Let the cost price (CP) be 8 units and the selling price (SP) be 15 units.
Profit = SP - CP = 15 - 8 = 7 units.
Now, using the profit percentage formula:
Profit Percentage = (7 / 8) * 100 = 87.5%
Thus, the profit percentage is 87.5%.
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