A shopkeeper takes 10% profit on his goods. He lost 20% of his goods during atheft. What is his loss per cent?
Question
A shopkeeper takes 10% profit on his goods. He lost 20% of his goods during a theft. What is his loss per cent?
Solution
Step 1: Let's assume the cost price of the goods is $100.
Step 2: The shopkeeper takes a 10% profit on his goods. So, the selling price of the goods is $110 (100 + 10% of 100).
Step 3: He lost 20% of his goods during a theft. So, the cost price of the stolen goods is $20 (20% of 100).
Step 4: Now, let's calculate the loss percentage. The loss is the difference between the cost price of the stolen goods and the profit he would have made on them. So, the loss is 10 = $10.
Step 5: The loss percentage is the loss divided by the cost price of the goods, multiplied by 100. So, the loss percentage is (10/100) * 100 = 10%.
Therefore, the shopkeeper's loss percentage is 10%.
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