Explanation:

- Let's break it down: The cost price (CP) of 28 oranges is the same as the selling price (SP) of 24 oranges.

- Assume the cost price per orange is \( x \). Thus, CP of 28 oranges = \( 28x \).

- Also, assume the selling price per orange is \( y \). Thus, SP of 24 oranges = \( 24y \).

- Since \( 28x = 24y \), we can solve for the ratio of selling price to cost price as \( \frac{y}{x} = \frac{28}{24} = \frac{7}{6} \).

- This means there's a profit, calculated by the formula:

Profit Percentage = \( \left(\frac{\text{SP} - \text{CP}}{\text{CP}}\right) \times 100 \).

- With \( \frac{7}{6} \) being the ratio, Profit Percentage = \( \left(\frac{7-6}{6}\right) \times 100 = \frac{1}{6} \times 100 = 16 \frac{2}{3} \% \).

- Correct Answer: Option 1: 16 \(\frac{2}{3}\)%

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