Answer :
Final answer:
The grocer made a profit of Rs.1520 by selling the rice, which amounts to a 23.75% profit on the total cost.
Explanation:
The concept in question relates to profit calculation and profit percentage in business transactions. In this case, a grocer buys 80 kg of rice at Rs. 80 per kg. The total cost will hence be Rs. 80 * 80 = Rs. 6400. If the grocer sells this rice at Rs. 99 per kg, the total revenue from the sale is Rs. 99 * 80 = Rs. 7920.
The profit is calculated as the total revenue minus the total cost. So, profit = Rs. 7920 - Rs. 6400 = Rs. 1520. To find the profit percentage, we use the formula profit percentage = (Profit / Total cost) * 100. So, the profit percentage is (1520 / 6400) * 100 = 23.75%. Therefore, the grocer made a profit of Rs. 1520 which is a 23.75% profit on the cost.
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