Question : Mahesh agreed to sell rice with a 24% loss, as the rice got rotten. However, he cheated customers and gave them only 19 gm of rice instead of 50 gm of rice. What is the percentage of his profit or loss?
Option 1: $100\%$ loss
Option 2: $\frac{100}{3} \%$ loss
Option 3: $\frac{100}{3} \%$ profit
Option 4: $100\%$ profit
Correct Answer: $100\%$ profit
Solution :
Let’s the that the cost price of 50 gm of rice is Rs. $x$
The selling price of 50 gm of rice with a 24% loss is Rs. 0.76$x$
The cost price of 19 gm of rice = $\frac{x}{50}$ × 19 = $0.38x$
⇒ Profit or loss percentage = $\frac{\text{Selling Price - Cost Price}}{\text{Cost Price}}$ × 100 = $\frac{0.76x - 0.38x}{0.38x}$ × 100
= 100%
Hence, the correct answer is $100\%$ Profit
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