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A shopkeeper purchased 70 kg of potatoes for Rs. 420 and sold the whole lot at the rate of Rs. 6.50 per kg. What will be his gain percent?

Correct answer: C. 8 1/3 %

  • A. 4 1/6 %
  • B. 6 1/6 %
  • C. 8 1/3 %
  • D. 20 %

Explanation

The selling price is 70 kg x Rs. 6.50 per kg = Rs. 455, while the cost price is Rs. 420. Gain = Rs. 455 - Rs. 420 = Rs. 35, so gain percentage = (Rs. 35 ÷ Rs. 420) x 100 = 8 1/3%. The likely error is selecting 6 1/6% by dividing the gain by the selling price instead of the cost price.

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About Profit and Loss

Profit and loss compare the cost price and selling price of an item, using profit or loss percentages based on the cost price unless stated otherwise. Questions include marked price, discount, successive discounts, commission, and finding an unknown price, with care needed to distinguish discount from loss.

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