Question

By selling 8 dozen pencils, a shopkeeper gains the selling price of one dozen pencils. Find his gain percent.

Answer 1

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 $14\frac{2}{7} %$