Question
Download Solution PDFA faulty machine weighs 900 g as 1000 g. A shopkeeper uses this weighing machine to sell 45 kg of rice at Rs.65 per kg which he bought at Rs. 58 per kg. His overall profit percentage is approximately equal to:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven
Faulty machine ratio = 900 g ∶ 1000 g
Quantity of rice sold = 45 kg
Selling price = Rs. 65 per kg
Buying price = Rs. 58 per kg
Formula used:
Profit% = [(Selling Price - Cost Price)/Cost Price] × 100.
Calculation:
⇒ Actual weight of rice the shopkeeper sells = (900/1000) × 45 kg = 40.5 kg
⇒ Total cost price = 40.5 kg × Rs. 58 per kg = Rs. 2349
⇒ Total selling price = 45 kg × Rs. 65 per kg = Rs. 2925
⇒ Profit percentage = [(2925 - 2349)/2349] × 100 = 24.5%
Therefore, the shopkeeper's overall profit percentage is approximately 24.5%.
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