A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
Correct answer: C. 5
- A. 3
- B. 4
- C. 5
- D. 6
Explanation
The cost of one toffee is Rs. 1/6. For a 20% gain, its selling price must be Rs. (1/6) x 1.20 = Rs. 1/5. Therefore, 5 toffees are sold for Rs. 1. The likely wrong choice is 6, which is the original buying rate and gives no profit.
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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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