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      Question

      A dishonest shopkeeper sold rice at 20% profit on the cost

      price, but he uses a faulty weight that weighs 30% less than actual weight. Find the approx. actual profit or loss earned by him.
      A 71% gain Correct Answer Incorrect Answer
      B 71% loss Correct Answer Incorrect Answer
      C 63% loss Correct Answer Incorrect Answer
      D 63% gain Correct Answer Incorrect Answer

      Solution

      Let the cost price of the item Rs. 100x
      So, selling price of the item for Shopkeeper = 100x X 1.2 X (10/7) = Rs. (1200/7)
      So, required profit percentage = {(1200x/7) - 100x}/100x = 71% profit

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