A shopkeeper buys oranges at the rate of 10 oranges for ₹50 and sells them at the rate of 12 oranges for ₹74. Find his gain or loss percentage.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. % gain.
Cost Price (CP): 10 oranges for ₹50
Selling Price (SP): 12 oranges for ₹74
Calculating CP per Orange:
⇒ CP per orange = ₹50 / 10 oranges = ₹5/orange
Calculating SP per Orange:
⇒ SP per orange = ₹74 / 12 oranges = ₹37/6 oranges ≈ ₹6.17/orange
Calculating Gain or Loss:
Since SP per orange is greater than CP per orange, there's a gain.
⇒ Gain per orange = SP per orange - CP per orange = ₹6.17/orange - ₹5/orange = ₹1.17/orange
Calculating Gain Percentage:
⇒ Gain percentage = (Gain / CP) × 100
⇒ Gain percentage = (₹1.17/orange / ₹5/orange) × 100
⇒ Gain percentage = 23.03%
Therefore, the shopkeeper has a gain of 23.03%.