A shopkeeper sells his goods at a profit of 10%. But he used weight of 800 gm instead of 1000 gm while buying. Find his actual profit.
Question
A shopkeeper sells his goods at a profit of 10%. But he used weight of 800 gm instead of 1000 gm while buying. Find his actual profit.
Solution
Sure, here is the step by step solution:
Step 1: Understand the problem The shopkeeper is selling his goods at a profit of 10%. However, he is buying goods at a weight of 800 gm instead of 1000 gm. This means he is getting more goods for the same price, which increases his profit.
Step 2: Calculate the cost price Let's assume the cost price of 1000 gm is 80 (because 800 is 80% of 1000).
Step 3: Calculate the selling price The shopkeeper sells his goods at a profit of 10%. So, he sells the goods (which he bought for 110 (because 110% of 110).
Step 4: Calculate the actual profit percentage The actual profit is the selling price minus the cost price, which is 80 = 30 / $80) * 100 = 37.5%.
So, the shopkeeper's actual profit is 37.5%.
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