Question 4 the day : July 9, 2002
The question for the day is a sample practice problem in profit, loss,
discounts, an Arithmetic Topic and the problem provides an understanding of
the different terms such as Cost Price, List Price, Selling price and
margins.
Question
A trader professes to sell his goods at a loss of 8% but weights 900 grams
in place of a kg weight. Find his real loss or gain per cent.
- 2% loss
- 2.22% gain
- 2% gain
- None of these
Correct Answer is
2.22% gain. Correct Choice is
(2)
Explanatory Answer
The trader professes to sell his goods at a loss of 8%.
Therefore, Selling Price = (100 - 8)% of Cost Price
or SP = 0.92CP
But, when he uses weights that measure only 900 grams while he claims to
measure 1 kg.
Hence, CP of 900gms = 0.90 * Original CP
So, he is selling goods worth 0.90CP at 0.92CP
Therefore, he makes a profit of 0.02 CP on his cost of 0.9 CP
Profit % =
(S.P-C.P / C.P) * 100
i.e.,
( ( 0.92-0.90) / 0.90)*100=(0.02/0.90)*100=2 2/9%
or 2.22%
