A retail fruit vendor buys a score of apples for ₹ 400 and retails them for ₹ 264 at a dozen. What was his loss/gain percent? (a score = 20 no’s)
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 10% profit.
We know,
Profit = Selling price - Cost price
Profit% = (Profit/Cost price) × 100
According to the question;
⇒ 20 apples were bought at ₹ 400
⇒ Cost price of one apple = 400/20 = ₹ 20
Now,
12 apples were sold at ₹ 264
⇒ Selling price of one apple = 264/12 = ₹ 22
Profit = 22 - 20 = ₹ 2
⇒ Profit% = (2/20) × 100 = 10%