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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