A tradesman by means of his false balance, defrauds to the extent of 20% in buying goods as well as by selling the goods. What percent does he gain on his outlay?
Q1. A tradesman by means of his false balance, defrauds to the extent of 20% in buying goods as well as by selling the goods. What percent does he gain on his outlay?
Answer: 44%
Explanation: The tradesman effectively buys 120 units while paying for 100, then sells 100 units as if they were 120. Net gain = (144−100)/100 = 44%.