A man sells goods at 4% loss on cost price but he gives 20 g instead of 40 g. What is his profit or loss percentage?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 92% profit
Formula used:
Profit = Selling price - Cost price
Profit% = (Profit/Cost price) × 100
Calculations:
Let the cost price of 1g of goods be Rs 1
Cost price of 40g = Rs 40
Loss of 4%, Selling price = (100 - loss)% of Cost price
⇒ Selling price = 96% × 40
⇒ Rs 38.4
Cost price of 20g goods = Rs 20
Profit = 38.4 - 20 = 18.4
Profit% = (18.4/20) × 100
⇒ 92%