A dishonest shopkeeper sells an article at 10% profit. But he uses a false weight of 700gm in place of 1kg. Find his profit percent in the transaction.
Answer & explanation
Correct answer: option 3
Let the price of 1000 gm = 100
Selling price of 700 gm = 100 × \(\frac{110}{100}\) = 110
Cost price of 700 gm = Rs. 70
Profit % = \(\frac{(110 - 70)}{70}\) × 100 = 57\(\frac{1}{7}\)%