If toffees are bought at the rate of 7 for Rs. 6, at what rate per hundred must they be sold to gain 33%?
Question
If toffees are bought at the rate of 7 for Rs. 6, at what rate per hundred must they be sold to gain 33%?
Solution
Step 1: Find the cost price of 100 toffees
The cost price of 7 toffees is Rs. 6. Therefore, the cost price of 1 toffee is Rs. 6/7. So, the cost price of 100 toffees would be 100 * (6/7) = Rs. 85.71 (approximately).
Step 2: Calculate the selling price for a 33% gain
A 33% gain on the cost price means the selling price would be 133% of the cost price. So, the selling price of 100 toffees would be 133/100 * 85.71 = Rs. 114 (approximately).
Therefore, to gain a profit of 33%, the toffees must be sold at the rate of Rs. 114 per hundred.
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