A silver shop owner claims that he is selling silver at ₹65/g when cost price is ₹70/g, but he is giving 900 mg instead of 1 g. The percentage of profit or loss of the shop owner (correct to 2 decimal places) is:

Question

Question

This question was previously asked in

SSC GD Constable (2022) Official Paper (Held On : 27 Jan 2023 Shift 2)

Answer 1

Given

Selling price = ₹65/g

Cost price = ₹70/g

Actual weight given = 900 mg = 0.9 g

Concept:

Profit or Loss percent = ((Selling Price - Cost Price)/Cost Price) × 100

Calculation:

⇒ Here, Selling Price for 1 g = Selling Price for 0.9 g × (1/0.9) = ₹65 × (1/0.9) = ₹72.22 (approx)

⇒ Profit = Selling Price - Cost Price = ₹72.22 - ₹70 = ₹2.22

⇒ Profit percent = (Profit/Cost Price) × 100 = (2.22/70) × 100 = 3.17 %

Therefore, the shop owner makes a profit of 3.17% (Option 1).