A dishonest dealer professes to sell goods at cost price but uses a false weight of 950g instead of 1kg. Find his profit percentage.
Show answer & explanation
Correct answer: B
Explanation
Given:
Actual weight = 1000 grams
Delivered weight = 950 grams
Formula:
Profit % = (Profit / Purchase Price) × 100
Assume the purchase price of 1000 grams = ₹100
Then the purchase price of 950 grams = (950/1000) × 100 = ₹95
But the trader sells 950 grams for 1000 grams, which is ₹100.
Profit = 100 − 95 = ₹5
Profit % = (5 / 95) × 100 = 5.26% (approximately)