A shopkeeper makes a profit of 20% on every kilogram of rice sold at the rate of rs.36 per kg. the selling price is reduced in such a way that he gets a profit of rs.2 per kg. by what percent must his sales increase so that his profit remains the same as before?
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Selling price = Rs. 36/Kg
Profit = 20% Cost Price
= Let it be X
Finding X,
X + 20% of X = 36
X + 20/100 * X = 36
(100X + 20X)/100 = 36
120X = 3600 X = 30
Cost Price = Rs. 30/Kg
Profit = Rs. 6/Kg
Now selling price reduced resulting in reduction of profit to Rs. 2/Kg. So, in order to keep the profit same as before (Rs. 6/Kg) sales must increase by 300% i.e., 3 times.
Profit = 20% Cost Price
= Let it be X
Finding X,
X + 20% of X = 36
X + 20/100 * X = 36
(100X + 20X)/100 = 36
120X = 3600 X = 30
Cost Price = Rs. 30/Kg
Profit = Rs. 6/Kg
Now selling price reduced resulting in reduction of profit to Rs. 2/Kg. So, in order to keep the profit same as before (Rs. 6/Kg) sales must increase by 300% i.e., 3 times.
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