Question

A grain merchant sold 600 quintals of rice at a profit of 7%. If a quintal of rice cost him Rs 250 and his total overhead charges for transportation, etc. were Rs 1000 find his total profit and the selling price of 600 quintals of rice.

Answer 1

Given Cost of 1 quintal of rice = Rs. 250

Cost of 600 quintals of rice = 600 x 250 = Rs. 150000

Overhead expenses = Rs. 1000

CP = Rs. (150000 + 1000) = Rs. 151000

Profit % = (Profit/CP) x 100

7 = (Profit /151000) x 100

Profit = 1510 x 7

Profit = Rs. 10570

Now SP = CP + profit

= Rs. (151000 + 10570)

SP = Rs. 161570