A shopkeeper buys an article at 70% of its printed price. He spends Rs. 40 on transportation of the article. After charging Sales Tax at the rate of 10% on the printed price, he sells the article for Rs. 7,040. Find his profit as a percent to the nearest integer.

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Detailed Solution

let the printed price of the article be Rs x
Then according to the statement x+10% of x = 7040

\frac{11 x}{10}

= 7040
x=

\frac{70400}{11}

=6400
Printed price of the article=Rs.6400
As a given shopkeeper buys the article at 70% of its printed price.
For shopkeeper Cost Price of the article=70% of 6400

\frac{70}{100}

×6400= Rs.4480
Since he spend Rs. 40 on the transportation of the article Total cost price= 4480+40=Rs. 4520
The selling price (excluding sales tax)=Printed price = Rs. 6400
Profit= 6400-4520 = Rs. 1880
Profit % =