The cost price and selling price of rice are the same. Due to a faulty weighing machine, the seller earns a 15% profit, If Rs. X is the cost price of 1000 gm rice and the machine is changed which shows 1000 gm instead of 950 gm, what should be the selling price (‘in Rs) now to get the same percentage of profit?
This questions was previously asked in
ssc cgl 2023 pre
1.0295 x
Incorrect Answer10.0950x
Incorrect AnswerExplanation:
Correct option 3: 1.0925x
1 Kilogram = 1000 gm
Formula used
Gain= Selling Price - Cost Price
Gain%= (S.P-C.P)/C.P x 100
Calculation:
The cost price of 1000 gm rice is x.
The cost price of 950gm rice = x/1000 × 950 = Rs. 95x/100
To earn a profit of 15% after the faulty weight, the S.P should be:
⇒95x/100 x 115/100
= 10925x/10000
⇒ 1.0925x
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By: Parvesh Mehta