Question

A grain merchant sold 600 quintals of rice at a profit of 7%. If a quintal of rice cost him Rs 250 and his total overhead charges for transportation, etc. were Rs 1000 find his total profit and the selling price of 600 quintals of rice.

Answer 1

Cost of 1 quintal of rice = Rs. 250
Cost of 600 quintals of rice = 600 × 250 = Rs. 150000
Overhead expenses = Rs. 1000
Total CP = Rs. (150000 + 1000) = Rs. 151000
Profit % = (Profit/CP) × 100
7 = (P/151000) ​× 100
P = 1510 ​× 7 = Rs. 10570
Profit = Rs. 10570
SP = CP + profit = Rs. (151000 + 10570) = Rs. 161570