If the new selling price of a bed is 2-times of initial selling price, then the new profit is 8-times of initial profit. Find the initial profit percentage (in %).
Given:
Let the Cost Price (CP) = ₹100
Let the Initial Selling Price (SP₁) = ₹x
New Selling Price (SP₂) = 2 × SP₁ = 2x
New profit = 8 × initial profit
We need to find the initial profit percentage.
Concept Used:
Profit = Selling Price − Cost Price
Profit% = 100
Solution:
Initial Profit = (x - 100)
New Profit = (2x - 100)
New Profit = 8 × Initial Profit
2x - 100 = 8(x - 100)
2x - 100 = 8x - 800
700 = 6x
x = 116.67
Initial Profit = 116.67 - 100 = 16.67
Profit% = = 16.67%
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