The cost price of an article is Rs. 2800. Profit as a percentage of selling price is 20 percent. What is the actual profit (in Rs.)?

Answer: Option B

Here, cost price = Rs. 2800, Profit % as selling price = 20
As, according to the question,
Profit as a percentage of selling price $$=\frac{\text{Profit}}{\text{SP}}\times 100$$
$$\begin{array}{rl}& \Rightarrow 20=\frac{\text{Profit}}{\text{SP}}\times 100\\ & \Rightarrow 20=\frac{\text{SP}-2800}{\text{SP}}\times 100\left[\text{As Profit}=\text{SP}-\text{CP}\right]\\ & \Rightarrow 20\text{SP}=100\text{SP}-280000\\ & \Rightarrow 280000=80\text{SP}\\ & \Rightarrow \text{SP}=\text{Rs}\text{. }3500\end{array}$$
Now,
Actual profit = (SP - CP) = Rs. (3500 - 2800) = Rs. 700
Hence, the actual profit is Rs. 700