The cost price and selling price of rice are the same. Due to a faulty weighing machine, the seller earns a 15% profit. If Rs, x is the cost price of 1000 gm of rice and the machine is changed to show 1000 gm instead of 950 gm, what should be the selling price (in RS) now to get the same percentage of profit?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 1.0925x.
Given that
Cost price of rice = Selling price of rice
Due to a faulty weighing machine, the seller earns a 15% profit
If the cost price of 1000 gm of rice = Rs. x
The machine is changed to show 1000 gm instead of 950 gm
Cost Price = Selling Price × 100/(100 + profit %)
According to the question
The cost price of 950 gm of rice = (x/1000) × 950 = 0.95x
After making 15% profit
The selling price = 0.95x × 115/100 = Rs. 1.0925x