Question

A shopkeeper bought 10 kg of rice for Rs. 240 and sold 7 kg of it for Rs. 210. If he/she sold the remaining quantity of rice at the rate of cost price, find his/her gain or loss percent.

a. 12.5% gain
b. 12.5% loss
c. 10% gain
d. 10% loss

Answer 1

To find the gain or loss percent, calculate the cost price and selling price of the remaining rice and determine the percentage difference.

Step-by-step explanation:

To find the gain or loss percent, we need to calculate the cost price and selling price of the remaining quantity of rice.

The shopkeeper bought 10 kg of rice for Rs. 240, so the cost price per kg is Rs. 24.

He sold 7 kg of rice for Rs. 210, so the selling price per kg is Rs. 30.

The cost price of the remaining 3 kg of rice is Rs.3 x Rs. 24 = Rs. 72.

The selling price of the remaining 3 kg of rice is Rs. 3 x Rs. 24 = Rs. 72.

Since the selling price is equal to the cost price, there is no gain or loss.

Therefore, the answer is d. 10% loss.