A seller profess to sell goods at cost price but to earn profit he use false weight of 10% both the times while buying and selling the goods. What will be the overall profit he earned in the transaction?a.30%b.24%c.18.18%d.22.22%
Question
A seller profess to sell goods at cost price but to earn profit he use false weight of 10% both the times while buying and selling the goods. What will be the overall profit he earned in the transaction?a.30%b.24%c.18.18%d.22.22%
Solution
The seller is using a false weight that is 10% less both when buying and selling. This means that when he buys 100 kg of goods, he only pays for 90 kg. Similarly, when he sells 90 kg of goods, he receives payment for 100 kg.
Let's assume the cost price of 1 kg of goods is $1.
When buying, he pays 100 for 90 kg of goods.
So, his total cost is 100.
To calculate the profit percentage, we use the formula:
Profit % = (Profit/Cost Price) * 100
First, we need to calculate the profit, which is the difference between the cost and the revenue.
Profit = Revenue - Cost Profit = 90 Profit = $10
Now we can calculate the profit percentage:
Profit % = (90) * 100 Profit % = 11.11%
However, since the seller is using the false weight twice (once when buying and once when selling), the overall profit percentage is twice this amount.
Overall Profit % = 2 * 11.11% Overall Profit % = 22.22%
So, the answer is d. 22.22%.
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