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A trader cheats both his supplier and customer by using

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A trader cheats both his supplier and customer by using [#permalink]

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New post 22 Jul 2011, 09:32
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Question Stats:

59% (02:19) correct 41% (01:51) wrong based on 211 sessions

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A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

A. 20%
B. 21%
C. 21.33%
D. 22.109%
E. 23%
[Reveal] Spoiler: OA

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Re: Percentage Problem #2 [#permalink]

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New post 22 Jul 2011, 09:54
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B.

Lets say the indicated weight is x for $10
but the trader actually get 1.1x for $10
now he tells to the customer that its 1.1(1.1x) = 1.21x and charges the price accordingly i.e. 1.21x * 10/ x = 12.1

so profit % = (12.1-10)/ 10 = 0.21 = 21%
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Re: Percentage Problem #2 [#permalink]

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New post 22 Jul 2011, 16:17
I think the answer is D. Below is my rationale;

Say X is the cost Price and Selling price

The person Buys 1.1 of 1's price( X price). There for, cost price becomes 10X/11

He sells .91 for 1's price. His selling price becomes ~ 10X/9

profit = SP - CP
10X/9 - 10X/11 = 20X/90

Profit % = (20X/99) * (11/10X)

2/9 * 100 ~ 22.22
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Re: Percentage Problem #2 [#permalink]

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New post 28 Jul 2011, 13:37
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Trader buys actual 100 kg + 10% cheated = 110 kg
Trader sells 110 kg + 10% added weight = 121 kg

Rate of purchase 1kg = 2 /-

So he buys 110kg (100kg * 2) = 200/-
he sells 121 kg (121 * 2) = 242/-

Profit earned 242-200 = 42/-

%Profit = 42 / 200 *100 = 21%
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Re: Percentage Problem #2 [#permalink]

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New post 28 Jul 2011, 20:28
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Good Question.

lets say actual rate is for weight 'w' is $x

we know the trader cheated and got 10% more weight
i.e the trader paid $x and got (110/100)w

then the trader cheated customer by selling the product as if its 10% heavier than it actually is
i.e the trader sold (110/100)w saying its (110/100)(110/100)w
which means the trader charged the customer with $(121/100)x

=> profit % = \((((121/100)x - x)/x)*100\)

= 21 %

Answer is B
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Re: Percentage Problem #2 [#permalink]

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New post 28 Jul 2011, 20:30
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cleetus wrote:
A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

A) 20%
B) 21%
C) 21.33%
D) 22.109%
E) 23%


If no values are given in percentage questions, I always start with a 100.
Say he buys from his supplier. The indicated weight is 100 kg. He pays $100 for it (Rate - $1/kg). But because he is cheating, he gets 110 kg of material.
[highlight]His cost price for 110 kg is $100.[/highlight]

Then he sells to his customer at a rate of $1/kg.
He sells 100 kg but the weight shows that it is 110 kg. So the customer pays him $110.
Selling 100 kg gets him $110.
Selling 110 kg will get him $110/100 * 110 = $121
[highlight]His selling price for 110 kg is $121.[/highlight]

Profit% = 21%
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Manager
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Re: Percentage Problem #2 [#permalink]

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New post 02 Aug 2011, 09:28
VeritasPrepKarishma wrote:
cleetus wrote:
A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

A) 20%
B) 21%
C) 21.33%
D) 22.109%
E) 23%


If no values are given in percentage questions, I always start with a 100.
Say he buys from his supplier. The indicated weight is 100 kg. He pays $100 for it (Rate - $1/kg). But because he is cheating, he gets 110 kg of material.
[highlight]His cost price for 110 kg is $100.[/highlight]

Then he sells to his customer at a rate of $1/kg.
He sells 100 kg but the weight shows that it is 110 kg. So the customer pays him $110.
Selling 100 kg gets him $110.
Selling 110 kg will get him $110/100 * 110 = $121
[highlight]His selling price for 110 kg is $121.[/highlight]

Profit% = 21%


Thanks Karishma.. Explained well as usual :-)
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Re: Percentage Problem #2 [#permalink]

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New post 23 Aug 2012, 04:16
Let consider the person buys 100 Kg. In that case he cheats and take 110Kg .

Now 110 KG he sells telling the weight to be 10 % more. i.e 110 + 11 = 121 kg.

Thus, 100 kg goods he sells as 121 kg goods. Therefore profit = 21 %

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Re: A trader cheats both his supplier and customer by using [#permalink]

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New post 29 Dec 2013, 08:08
cleetus wrote:
A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

A. 20%
B. 21%
C. 21.33%
D. 22.109%
E. 23%


Its a good question but there's something weird on the wording of the second sentence. We need to make it clear for next time
Anyways, one can infer that he 'steals' 10% from suppliers and then charges 10% extra to customers
So basically 1.1 * 1.1 = 1.21

Given that 1 is start point, we get 21% more

Hence answer is B

Cheers!
J :)
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Re: A trader cheats both his supplier and customer by using [#permalink]

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New post 08 Feb 2017, 11:01
here my solution:

A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

assume it buys a 100 kg from its supplier for $100 ($1 for each Kg) and takes 110 kg by cheating.

it sells 110 kg by cheating for 1.1(110)=121 kg for the price of $121.

profit=$121-$100=$21 & to find the percentage divide by $100 that he paid at first to get 21%.

have fun.
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Re: A trader cheats both his supplier and customer by using [#permalink]

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New post 20 Nov 2017, 15:35
cleetus wrote:
A trader cheats both his supplier and customer by using faulty weights. When he buys from the supplier, he takes 10% more than the indicated weight. When he sells to his customer, he gives the customer a weight such that 10% of that is added to the weight, the weight claimed by the trader is obtained. If he charges the cost price of the weight that he claims, find his profit percentage.

A. 20%
B. 21%
C. 21.33%
D. 22.109%
E. 23%


hi
both of the times the mark up can be seen as 10%

so, 10 + 10 + 100/100
21%

thanks
:cool:
Re: A trader cheats both his supplier and customer by using   [#permalink] 20 Nov 2017, 15:35
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