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There would be 10% loss if rice is sold at Rs. 5.40 per kg. At what price per kg should it be sold to earn a profit of 20%

Correct answer: D. Rs. 7.20

  • A. Rs. 6
  • B. Rs. 6.48
  • C. Rs. 7.02
  • D. Rs. 7.20

Explanation

Rs. 5.40 is 90% of the cost price because it represents a 10% loss, so cost price = Rs. 5.40/0.90 = Rs. 6.00 per kg. For a 20% profit, selling price = Rs. 6.00 x 1.20 = Rs. 7.20 per kg. The likely mistake is Rs. 6.48, which adds 20% to the loss selling price instead of first finding the cost price.

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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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