By selling 8 dozen pencils, a shopkeeper gains the selling price of one dozen pencils. Find his gain percent.
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Let the Selling Price of 1 dozen Pencils be x
Selling Price of 8 dozen pencils = 8x
Given that Profit = Selling Price of one dozen Pencils
∴Profit = x
We know that Cost Price = Selling Price - Profit
∴ Cost Price of 8 dozen pencils = Selling Price of 8 Dozen Pencils - Profit
= 8x - x
Cost Price of 8 Dozen Pencils = 7x
Profit% = (Profit/Cost Price)×100
= (x/7x) × 100
= 100/7 or
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