Multiple choice

Passage

Directions: The table given below gives information about the profit percent earned by the shopkeepers (A - E) on various items. Shopkeeper/Item P Q R S T A 25% 20% 20% 30% B 18% 30% 15% 30% 20% C 12% 30% D 18% 25% 14% 15% E 15% 15% 18% 10%

If shopkeeper A, while calculating the percent profit on item T, divided by SP instead of CP, then what was the actual profit percent?

  1. 42.86%

  2. 45.14%

  3. 46.68%

  4. 47.35%

  5. None of these
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A Correct answer
AI explanation

The shopkeeper calculated his profit percent as 30 by dividing the profit by the selling price instead of the cost price, meaning his actual profit was 30% of the selling price. Using the relationship between cost price, selling price and profit, the actual profit percent formula on the cost price is (Error divided by (100 minus Error)) multiplied by 100. Substituting the 30 into this formula gives (30 divided by (100 minus 30)) multiplied by 100, which equals 42.86%. The actual profit percent is 42.86.

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