Question

A shopkeeper who sells rice at Rs. 40/kg uses a faulty weights. Instead of 1 kg, his weights were only 850 grams. If the cost price of rice is Rs. 32/kg, calculate his overall profit percent (approx).
1. 42%
2. 39%
3. 45%
4. 47%

Answer 1

Correct Answer - Option 4 : 47%

Given:

CP = Rs. 32/kg

SP = Rs. 40/kg

Uses 850 grams instead of 1 kg

Formula Used:

Profit = SP - CP

Profit % = (Profit/CP) × 100

Calculation:

Cost price of 1 kg rice = Rs. 32

He uses only 850 grams instead of 1 kg

Cost price of 850 grams = Rs. (850/1000) × 32

= Rs. 27.2

Selling price of 1 kg rice = Rs. 40

He uses 850 grams instead of 1 kg

Selling price of 850 grams will be equal to selling price of 1 kg

Selling price of 850 grams = Rs. 40

Profit = SP - CP

= 40 - 27.2

= Rs. 12.8

Profit % = (Profit/CP) × 100

= (12.8/27.2) × 100

= 47.06 ≈ 47

∴ The profit percent of the shopkeeper is 47% (approx).