Question

A trader buys a chair for Rs.600 and sells it for Rs. 765 at a credit of 4 months. Reckoning money worth 6% per annum, his gain percent is.

Answer 1

Hint:The trader buys the chair at a credit of 4 months at a rate of 6%, first we need to calculate the cost price by adding the amount calculated for 4 months at 6% interest amount with Rs.600. That will be the actual cost price of the chair.
The selling price is given, so we can easily derive gain % by using the gain percentage formula.

Formula used:
\[Gain\% {\rm{ }} = \dfrac{{Gain}}{{CP}} \times 100\% \]
Gain= selling price – cost price.

Complete step-by-step answer:
It is given that the buyer buys a chair for Rs.600 and sells it for Rs. 765 at a credit of 4 months. Reckoning money worth 6% per annum.
For 12 months the rate of reckoning money is 6%.
Then for 4 months, the rate is found as follows,
The rate for 4 months is \[\dfrac{6}{{12}} \times 4 = 2\% \]
So, the value of the chair or the cost price of the chair is\[600 + 2\% {\rm{ of 600}}\]
Using the percentage formula we have,
The values of chair is\[600 + 600 \times \dfrac{2}{{100}}\]
\[ = 600 + 12\] \[ = 612\]
The cost price of chair is Rs.\[612\]
The chair is sold for Rs.765.
So, Cost price =Rs. 612
Selling Price=Rs. 765
Thus using the gain formula given in the hint we get,
Gain= Rs. (765-612) = Rs.153
Gain percentage is\[ = \dfrac{{153}}{{612}} \times 100\% \]\[ = 25\% \]

Hence, the traders gain percentage is 25%.

Note:The percentage of x is denoted by x% and it is defined by, \[x\% = \dfrac{x}{{100}}\]. The gain percent is found using the percentage formula.