A shopkeeper uses 940 gm weight in place of one kg weight. He sells it at 4% profit. What will be the actual profit percentage? (rounded off to two decimal places)
This questions was previously asked in
Combined Graduate level Examination 2023 Tier I
Explanation:
- Scenario: A shopkeeper uses 940 gm instead of 1 kg to weigh goods.
- Selling Strategy: Sells this 940 gm with a marked 4% profit on the price for 1 kg.
- Profit Calculation: Actual weight is light by 60 gm per kg, which gives him extra profit.
- Cost Analysis: The shopkeeper sells 940 gm as if it were 1 kg and marks a 4% profit.
- Actual Profit Percentage Calculation:
- Without tampering, profit from 1 kg = 4%.
- Adjust for the reduced weight (940 gm instead of 1000 gm).
- Actual increased profit from reduced weight = \((1000/940) - 1\) = 6.38%.
- Total profit = 4% (advertised) + 6.38% = 10.64%.
- Answer: Option 3 – 10.64% is correct.
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By: Parvesh Mehta