Question : A rice trader buys 16 quintals of rice for INR 5,632. 20% of rice is lost in transportation. At what rate should he sell to earn a 25% profit?
Option 1: INR 225.2 per quintal
Option 2: INR 550 per quintal
Option 3: INR 440 per quintal
Option 4: INR 563.2 per quintal
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Correct Answer: INR 550 per quintal
Solution :
The cost price of 16 quintals of rice = INR 5,632
Total Profit = 25% of cost price
= $\frac{25}{100} × 5632$
= INR 1408
Total selling price = cost price + total profit
= INR 5,632 + INR 1,408
= INR 7,040
Quantity of rice left = $\frac{100–20}{100} ×16$
= $\frac{4}{5}×16$
= $12.8$ quintals
The selling price per quintal = $\frac{7040}{12.8}$ = INR 550
Hence, the correct answer is INR 550 per quintal.
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