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11 Jan 2022, 06:30
Kudos
Bookmarks
E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
49% (02:37) correct
51%
(02:05)
wrong
based on 148
sessions
History
Date
Time
Result
Not Attempted Yet
A dishonest retailer cheats his wholesaler and customer both. He purchases 19% more from the wholesaler and sells 15% less while selling to its customers. What is profit percentage by selling the goods at Cost Price?
A. 32
B. 34
C. 36
D. 38
E. 40
A. 32
B. 34
C. 36
D. 38
E. 40
11 Jan 2022, 10:05
Kudos
Bookmarks
Bunuel
When he purchases 19% more, it means that he manages to get 19% more quantity than what he was supposed to get at the price.
Thus, his profit = 19%
He sells 15% less
Thus, he gives 85 instead of giving 100 to the customer, making profit of 15 out of 85 = 15/85 x 100 ~ 17.6%
Thus, his net profit = successive profits of 19% and 17.6%
= 19 + 17.6 + 19 x 17.6/100
= 36.6 + 3.3
= 40%
Answer E
Alternative approach:
The person cheats 19% while buying and cheats 15% while selling
Thus, we can say that the selling price of 85 units is equal to the cost of 119 units
Thus, profit = 119 - 85 = 34
Percent profit = 34/85 x 100 = 40%
Answer E
General Discussion
20 Sep 2024, 23:35
Kudos
Bookmarks
Lets say the retailer spends \($100\), he gets \(19\text{%}\) more of the product, and lets say it is \(119\) products.
He sells \(119\) products for \($x\) amount at the same cost price. The \(119\) products are \(15\text{%}\) less than what was paid for.
\(0.85x=119\)
\(x=\frac{119}{0.85}=140\)
He spent \($100\) and gets \($140\) at the end.
So \(40\text{%}\) profit
Answer: E
He sells \(119\) products for \($x\) amount at the same cost price. The \(119\) products are \(15\text{%}\) less than what was paid for.
\(0.85x=119\)
\(x=\frac{119}{0.85}=140\)
He spent \($100\) and gets \($140\) at the end.
So \(40\text{%}\) profit
Answer: E
