A man purchased a cow for Rs. 3000 and sold it the same day for Rs. 3600, allowing the buyer a credit of 2 years. If the rate of interest be 10% per annum, then the man has a gain of:
- 0%
- 7.5%
- 5%
- 10%
Explanation
Formula used:
Profit % = SP−CP/CP×100
Profit % = SP−CPCP×100, where SP is the selling price and CP is the cost price.
Complete step-by-step solution:
We are given that man (the buyer) purchases a cow for Rs. 3000 on a credit basis at a rate of interest 10% per annum for 2 years.
10% of Rs. 3000 is
10/100
×3000=Rs.300
10100×3000=Rs.300
For 2 years, the interest is
2×300=Rs.600
2×300=Rs.600
Therefore the actual price (cost price) of the cow is
3000+600=Rs.3600
3000+600=Rs.3600
The selling price of the cow is Rs. 3600.
Therefore, the profit or gain by selling the cow is
⇒Profit % = 3600−3600/ 3600 ×100=0%
*****
ND1-1-2023
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