Question : A shopkeeper uses 940 gm weight in place of one kg weight. He sells it at 4% profit. What will be the actual profit percentage? (rounded off to two decimal places)
Option 1: 9.25%
Option 2: 10.32%
Option 3: 10.64%
Option 4: 10.96%
Correct Answer: 10.64%
Solution :
Let the cost price of 1 kg of the item be $x$.
The shopkeeper is selling 940 gm of the item for 1.04$x$ (since he sells it at 4% profit).
The cost price of 940 gm of the item is 0.94$x$.
The profit made by the shopkeeper is 1.04$x$ - 0.94$x$ = 0.10$x$.
$\text{Profit percentage} = \frac{\text{Profit}}{\text{Cost Price}} \times 100$
= $ \frac{0.10x}{0.94x} \times 100 = 10.6382\approx 10.64$%
Hence, the correct answer is 10.64%.
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