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

Given Cost of 1 quintal of rice = Rs. 250
$Costof600quintalsofrice=600\times 250=Rs.150000$
Overhead expenses = Rs. 1000
CP = Rs. (150000+1000) = Rs. 151000
$Profit$ % = $\left(Profit/CP\right)\times 100$
$7=\left(\text{Profit}/151000\right)\times 100$
$Profit=1510\times 7$ = Rs. 10570
Now SP = CP + profit
= Rs. (151000 + 10570)
SP = Rs. 161570