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A lady sold an article for Rs 960 at some profit...

This question belongs to Arithmetic Ability Profit And Loss
Profit and Loss
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A lady sold an article for Rs. 960 at some profit. Had she sold it for Rs. 800, then there would have been a loss equal to $$\frac{1}{3}$$ of the initial profit. What was the profit percentage of the article?

Answer & Solution
Correct Answer: Option C
S.P1 = 960
S.P2 = 800
There would have been a loss equal to $$\frac{1}{3}$$ of the previous profit.
Loss = $$\frac{1}{3}$$ × Profit
C.P - S.P2 = $$\frac{1}{3}$$[S.P1 - C.P]
3C.P - 2400 = 960 - CP
4C.P = 3360
C.P = 840
Profit = 960 - 840 = 120
Profit % $$ = \frac{{120}}{{840}} \times 100 = \frac{{100}}{7}\% $$
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