A silver shop owner claims that he is selling silver at ₹65/g when the cost is Rs. 70/g, but he is giving 900 mg instead of 1 g. The percentage of profit or loss of the shop owner (correct to 2 decimal places) is:
Show answer & explanation
Correct answer: C
Explanation
The Correct answer is option 3 i.e.Profit 3.17%
Given that
Selling of the 1000 mg = Selling price of 900 mg = Rs. 65
the cost of the 1000 mg = Rs. 70
So, the cost price of 900 mg = (70/1000) × 900 = Rs. 63
Thus, for 900 mg profit = 65 - 63 = Rs. 2
Hence, the profit % = (2/63) × 100 = 3.17%