Multiple choice

Cheap and Best, a kirana shop bought some apples at 4 per rupee and an equal number at 5 per rupee. He then sold the entire quantity at 9 for 2 rupees. What is his percentage profit or loss?

  1. 1.23% loss

  2. 6.66% profit

  3. 8.888% loss

  4. No profit no loss
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A Correct answer
Explanation

Cost of 1 apple (first batch) = 1/4. Cost of 1 apple (second batch) = 1/5. Average cost of 2 apples = 1/4 + 1/5 = 9/20. Cost per apple = 9/40. Selling price per apple = 2/9. Loss = 9/40 - 2/9 = (81 - 80) / 360 = 1/360. Loss % = (1/360) / (9/40) * 100 = (1/360) * (40/9) * 100 = 40/81 * 100 = 1.23%.

AI explanation

Assume the shopkeeper buys 20 apples of each variety, so the cost of the first variety is 20 divided by 4, which is Rs. 5, and the cost of the second variety is 20 divided by 5, which is Rs. 4. The total cost price for 40 apples is Rs. 9. The total selling price for 40 apples at 9 for Rs. 2 is (40 divided by 9) times 2, which equals Rs. 8.88. Using the formula for loss percentage, ((9 minus 8.88) divided by 9) times 100 gives a loss of approximately 1.23 percent.

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