A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?
Question
A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?
Solution
To calculate the profit, we first need to find out the cost price.
Step 1: We know that the selling price is Rs. 392 and the shopkeeper expects a gain of 22.5% on his cost price. This means that Rs. 392 is 122.5% of the cost price.
Step 2: To find the cost price, we can set up the equation: 122.5/100 * Cost price = Rs. 392
Step 3: Solving the equation for Cost price gives us: Cost price = Rs. 392 / (122.5/100) = Rs. 320
Step 4: Now, to find the profit, we subtract the cost price from the selling price: Profit = Selling price - Cost price Profit = Rs. 392 - Rs. 320 = Rs. 72
So, the shopkeeper made a profit of Rs. 72 in a week.
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