Question
Download Solution PDFA dealer professing to sell his goods at cost price uses 950 grams weight for 1 kg. His gain percentage is: (rounded off to two decimal places)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
A dealer professes to sell his goods at cost price uses 950 grams weight for 1 kg.
Formula used
Profit = SP - CP
% profit = (profit /CP) × 100
Calculation
Let the CP of 1 g = x
Given CP of 1 kg = SP of 1 kg = 1000x
But the CP of what he is selling = 950x
His Profit = 1000x – 950x = 50x
% Profit = (50x/950x) × 100 = 5(1/19)
∴ The required profit% is 5.26%.
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