Mehul buys a car for Rs. 560000. He renovates it and eventually sells it for Rs. 640000. The percent increase in the price of the car is:

Correct option is B

Given:
Cost Price (C.P.) of car = ₹560000
Selling Price (S.P.) of car = ₹640000
Formula Used:
Profit = S.P. – C.P.
​$$\text{Percentage Increase} = \left(\dfrac{\text{Profit}}{\text{C.P.}}\right) \times 100$$​​
Solution:
Profit = 640000 – 560000 = ₹80000
​$$\text{Percentage Increase} = \left(\dfrac{80000}{560000}\right) \times 100 \\[8pt]= \dfrac{80000 \times 100}{560000} \\[8pt]= \dfrac{8000000}{560000} \\[8pt]= \dfrac{100}{7}\% \ (\text{approx.})$$​​