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Ramees professes to sell his goods at the cost price but he made use of 900 grms instead of a kg, what is the gain percent?

Correct answer: C. 11 1/9%

  • A. 11%
  • B. 11 2/9%
  • C. 11 1/9%
  • D. 10%

Explanation

For every nominal 1 kg sold, the dealer gives 900 grams but charges the cost price of 1,000 grams. His gain is therefore 100 grams on an actual cost of 900 grams, so gain percentage is 100/900 x 100 = 11 1/9%. Students often choose 11% by rounding the recurring fraction too early.

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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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