Correct Answer - Option 1 : Rs. 10.8
Given:
Ramesh bought 200 spoons at a total price of Rs. 2400.
He sold 150 spoons at Rs. 14 per spoon.
Formula Used:
Profit or Gain = Selling price – Cost Price
Loss = Cost Price – Selling Price
Profit percentage = (Profit /Cost Price) x 100
Loss percentage = (Loss/Cost price) x 100
Calculation:
Ramesh bought 200 spoons at a total price of Rs. 2400
Selling price = Rs. (150 × 14) = Rs. 2100
Amount remains for no profit no loss = Rs. (2400 – 2100) = Rs. 300
To gain a overall 10% the selling price = Rs. (2400 × 11/10) = Rs. 2640
⇒ 2640 – 2100 = 540
Rate = 540/50 = 10.8
∴ The rate is 10.8%