70 percent of the cost price of an article is equal to 50 percent of its selling price. The percentage of profit or loss on the cost price is
A20% profit
B20% loss
C40% profit ✓ Correct
D40% loss
Correct answer: (C) 40% profit
Explanation
There is a 40% profit.
Given 70% of CP = 50% of SP.
So SP/CP = 70/50 = 1.4.
This means SP is 1.4 times CP.
Profit = (1.4 - 1) x 100 = 40%.
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