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.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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