Question : If a wholesaler sells a tin of coffee at INR 528, he bears a loss of 12%. Now if he decides to sell it at INR 636, what will be the profit (in %)?
Option 1: 7
Option 2: 5
Option 3: 6
Option 4: 4
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Correct Answer: 6
Solution :
If the selling price = INR 528, then loss = 12% of cost price
Selling price = Cost price – Loss
⇒ INR 528 = cost price – 12% of cost price
⇒ INR 528 = 88% of cost price
⇒ The cost price = $\frac{528}{0.88}$ = INR 600
Again, the selling price = cost price + profit
When selling price = INR 636,
Then, profit = 636 – 600 = 36
Profit percentage = $\frac{\text{Profit}}{\text{Cost price}}\times 100$
= $\frac{(636 – 600)}{600} \times 100$
= $\frac{36}{600} \times 100$
= 6%
Hence, the correct answer is 6.
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