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%.

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