Shyam is a greedy shopkeeper who always cheats in his dealings. He uses a faulty machine which reads 500 grams as 580 grams. A customer bought 500 grams of rice but instead of 500 grams he had to pay for 580 grams. Calculate the profit/loss percent of Shyam if the cost price and selling price of rice is Rs. 20/kg and Rs. 30/kg respectively.
Shyam is a greedy shopkeeper who always cheats in his dealings. He uses a faulty machine which reads 500 grams as 580 grams. A customer bought 500 grams of rice but instead of 500 grams he had to pay for 580 grams. Calculate the profit/loss percent of Shyam if the cost price and selling price of rice is Rs. 20/kg and Rs. 30/kg respectively. Correct Answer 74% Profit
Given:
CP = Rs. 20/kg
SP = Rs. 30/kg
Machine reads 580 grams instead of 500 grams
Formula Used:
Profit = SP - CP
Profit % = (Profit/CP) × 100
Calculation:
Cost price of 500 grams of rice = Rs. 20/2 = Rs. 10
Selling price of 580 grams of rice = Rs. (580/1000) × 30
⇒ Rs. 17.4
Profit = SP - CP
⇒ 17.4 - 10
⇒ Rs. 7.4
Profit % = (Profit/CP) × 100
⇒ (7.4/10) × 100
⇒ 74%
∴ The profit percent of Shyam is 74%.