Calculate the effective profit percentage of the shopkeeper?

Question of The Day28-09-2020

A shopkeeper buys a car at ₹ 6 lakh and sells it at a profit of \(16 {2\over 3}\)%. If the shopkeeper would have brought the car at 25% less price and sold it on ₹ 50,000 less than its previous selling price, then calculate the effective profit percentage of the shopkeeper?

Answer

Correct Answer : a ) 44.44%

Explanation :

Let us assume SP₁ be the selling price at \(16 {\frac{2}{3}}\)% profit and SP2 be the selling price when a car is sold at ₹ 50,000 less

Initial cost price (CP₁) of the article is ₹ 6 lakh

Now, selling price when the article is sold at \(16 {\frac{2}{3}}\)% profit;

We know, selling price = Cost price + gain%

SP₁= 6+\(16 {\frac{2}{3}}\)% of 6=6+1=₹ 7 lakh

Cost price when article is brought at 25% less price,

(CP)₂=CP1-(CP₁×\(\frac{25}{100}\))=6-6×\(\frac{25}{100}\)=₹ 4.5 lakh

Selling price when the article is sold at ₹ 50,000 less than its previous selling price;

(SP)₂=(SP)₁-50,000=7,00,000-50,000=₹ 6,50,000

New profit = (S.P.)₂ – (C.P.)₂

New profit = 6.5 – 4.5 = ₹ 2 lakh

So, new profit percentage will be

Profit%=\(\frac{profit}{(CP.)_2}\)×100=\(\frac{2}{4.5}\)×100=44.44%

Hence, (a) is the correct answer.

Such type of question is asked in various government exams like SSC CGL, SSC MTS, SSC CPO, SSC CHSL, RRB JE, RRB NTPC, RRB GROUP D, RRB OFFICER SCALE-I, IBPS PO, IBPS SO, RRB Office Assistant, IBPS Clerk, RBI Assistant, IBPS RRB OFFICER SCALE 2&3, UPSC CDS, UPSC NDA, UP SI etc.

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