Question

A shopkeeper bought rice worth Rs. 4500, he sold one-third of it at 10% profit. If he desires a profit of 12% on the whole, find the selling price of the rest of the rice.

Answer 1

Hint: We will follow the formulas of profit and loss here to find the selling price of rice first & then we will subtract the selling price of one-third of rice from the selling price of whole rice to get the price of rest of the rice.
Profit = total revenue – total expenses.

Formula used: Formula of profit is
Profit = cost of rice\[ \times \dfrac{{ \text Profit\% }}{{100}}\]

Complete step-by-step answer: Bought price of rice = 4500/-
Profit percentage = 12%
Selling price of rice = $4500 + \dfrac{{4500 \times 12}}{{100}}$
$
   = 4500 + 540 \\
   = 5040/ - \\
$
He sold one-third of rice at 10% profit.
Bought price of one-third rice = $4500 \times \dfrac{1}{3} = 1500$
$\therefore $ Selling price of one-third rice = $1500 + \dfrac{{1500 \times 10}}{{100}} = 1650/ - $
$\therefore $ Selling price of rest of the rice = (5040-1650) = Rs.3390/-
The selling price of rest of the rice is Rs.3390/-

Note: Learn concept about profit and loss and also concept of percentage base math problems. Do the calculation portion attentively to avoid silly mistakes.
Key formula needed are –
Profit = cost of rice\[ \times \dfrac{{\text Profit\% }}{{100}}\]