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A shopkeeper bought an article from a wholesaler and sold it to a customer such that the ratio of selling price to cost price is 21 ∶ 20. Find the percent of loss or profit.
1. 5%
2. 4%
3. 8%
4. 10%

1 Answer

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Best answer
Correct Answer - Option 1 : 5%

Given:

Cost price (C.P.) ∶ Selling price (S.P.)  = 20 ∶ 21.

Formula used:

Profit = S.P. – C.P.

Profit % = (P/C.P.) × 100 

Where

P → Profit

S.P. → Selling price

C.P. → Cost price

Calculations:

Let the CP be 20x and SP be 21x.

Then, Profit = 21x – 20x = x

Profit % = (x/20x) × 100 = 5%

∴ The required Profit% is 5%.

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