Question
Download Solution PDFA dishonest dealer sells his goods at 20% loss on the cost price but uses a faulty weight that weighs 25% less. His profit or loss percentage (rounded off to 2 decimal places) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A dishonest dealer sells his goods at 20% loss on the cost price but uses a faulty weight that weighs 25% less.
Formula Used:
Profit or Loss Percentage = \(\frac{Selling\ Price\ -\ Cost\ Price}{Cost\ Price} \times 100\)
Calculation:
Let the Cost Price (CP) = 100 units.
Selling Price (SP) at 20% loss = 100 - 20% of 100
SP = 100 - 20 = 80 units
Since the weight is 25% less, the dealer sells only 75% of the actual weight.
Effective Selling Price for actual weight = 80 / 0.75
Effective SP = 80 / 0.75 = 106.67 units
Profit = Effective SP - CP
Profit = 106.67 - 100 = 6.67 units
Profit Percentage = \(\frac{Profit}{CP} \times 100\)
Profit Percentage = \(\frac{6.67}{100} \times 100\)
Profit Percentage = 6.67%
The profit percentage is 6.67%.
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