Question
Download Solution PDFA shopkeeper calculates his loss of 40% on selling price. Find his actual loss percent.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Loss of a shopkeeper (Calculating on S.P) = 40%
Formula Used:
Loss% = (C.P - S.P)/C.P × 100
Calculation:
Actual formula = Loss% = (C.P - S.P)/C.P × 100
But shopkeeper used incorrect formula = Loss% = (C.P - S.P)/S.P × 100
Let the S.P of a article be 100x, then C.P be 140x.
S.P is higher than S.P, then loss = 140x - 100x
⇒ 40x
Loss percentage = (40x/140x) × 100
⇒ 200/7%
∴ Loss percent is 200/7%
We know that 40% = 2/5
Let SP be 5 units
Loss = 2 units
Shopkeeper is calculating its loss on selling price
SP = CP - Loss
⇒ 5 = CP - 2
⇒ CP = 7 units
Actual loss = 2/7 × 100 = 200/7%
Last updated on May 28, 2025
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