trader claims to sell vegetables at a profit of 20% over his cost price. If he uses a false weight and always weighs only 800 gm instead of 1000 gm, what is his overall profit percentage?
Question
trader claims to sell vegetables at a profit of 20% over his cost price. If he uses a false weight and always weighs only 800 gm instead of 1000 gm, what is his overall profit percentage?
Solution
Sure, let's break this down:
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The trader claims to sell vegetables at a profit of 20% over his cost price. This means if the cost price is 120.
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However, he uses a false weight and always weighs only 800 gm instead of 1000 gm. This means for every 1000 gm, he is actually giving only 800 gm. So, he is saving 200 gm on every 1000 gm.
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Now, let's calculate the actual cost price for 800 gm. If 1000 gm costs 80.
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But he sells this 800 gm for 120 - 40.
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Now, let's calculate the profit percentage. The profit percentage is (Profit / Cost price) * 100. So, the profit percentage is (80) * 100 = 50%.
So, the trader's overall profit percentage is 50%.
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