A dishonest shopkeeper professes to sell grains at the cost price, but he uses a weight of 920 gm for 1 kg weight. Find his gain percentage (round up to two decimal places).
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e 8.70%.
Let the cost price of 1000 gm = 1000 units
Shopkeeper sells it at cost price by using a weight of 920 gm for 1 kg weight
Cost price of 920 gm = 920 units
Selling price of 920 gm = 1000 units
Profit % = (Selling price- Cost price)/Cost price× 100
According to the question
Profit % = [(1000 - 920)/920] × 100
= (80/920) × 100 = 8000/920 = 8.70%