Profit And Loss
Math MCQs

Question :    If a vendor purchased 73 coins for $1 and sells 72 coins for $1 then, find profit in percent.

Correct Answer  1.39%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 73 articles = $1

The Sale Price (SP) for 72 articles = $1

Thus, Profit percent = ?

Unitary Method to find the profit when Cost Price and Sale Price are given

∵ The Cost Price (CP) for 73 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₇₃

∵ The Sale Price (SP) for 72 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₇₂

Calculation of profit

Profit = Sale Price (SP) – Cost Price (CP)

= ¹/₇₂ – ¹/₇₃

= ^{73 – 72}/₅₂₅₆

⇒ Profit = ¹/₅₂₅₆

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₇₃, the the profit = ¹/₅₂₅₆

∴ When the Cost Price (CP) is 1, then the profit

= ^{1/₅₂₅₆}/_¹/73

= ¹/₅₂₅₆ × ⁷³/₁

∴ When the Cost Price (CP) is 100, then the profit

= ¹/₅₂₅₆ × ⁷³/₁ × 100

= ^{1 × 73 × 100}/_{5256 × 1}

= ⁷³⁰⁰/₅₂₅₆ = 1.39

Thus, Profit = 1.39% Answer

Method (2) to find the profit%

Finding the profit percent by taking LCM of the number of articles purchased and sold for the same price

Given, the Cost Price (CP) of 73 articles = $1

And, the Sale Price (SP) of 72 articles = $1

Here, we need to take the LCM of number of articles purchased and sold to make them uniform.

Calculation of the Cost Price (CP) and the Sale Price

The LCM of 73 and 72 = 5256

Now, Let total number of articles purchased = 5256

Here, since the Cost Price of 73 articles = $1

∴ the Cost Price of 1 articles = ¹/₇₃

Therefore, the Cost Price of 5256 articles

And, since the Sale Price of 72 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₇₂

Therefore, the Sale Price of 5256 articles

= ¹/₇₂ × 5256 = $73

⇒ The Sale Price (SP) of 5256 articles = $73

Now, the Cost Price (CP) of 5256 articles = $72

And, the Sale Price (SP) of 5256 articles = $73

Calculation of the Profit, when the Cost Price (CP) and the Sale Price (SP) are given

Formula to find the profit when the Cost Price (CP) and the Sale Price (SP) are given

Profit = Sale Price (SP) – Cost Price (CP)

= 73 – 72 = 1

⇒ Profit = $1

Calculation of Profit percent using the formula

Formula to calculate the profit percent

Profit percent = ^{Profit × 100}/_{Cost Price}

Thus, profit % = ^{1 × 100}/₇₂

= ¹⁰⁰/₇₂ = 1.39

Thus, profit = 1.39% Answer

Similar Questions

(1) Find the earnings percentage if a hawker buys 50 articles for $1 and sells 49 articles for $1.

(2) William loses 74% by selling an article for $925.60. For how much should he sell it to get a profit of 73%?

(3) If a trader gets a loss of 25% by selling some shares for $3607.50, then find the cost price of those shares.

(4) Find the cost price, if a vendor gets a loss of 56% by selling a TV set for $4844.40.

(5) Mr. James loses 24% after selling an article for $805.60. For how much should he sell it to get a profit of 23%?

(6) Mrs. Julie purchased 26 oranges for $1 and sold 25 oranges for $1. What will be his profit percentage??

(7) Find the cost price, if a trader gets a loss of 45% by selling 800 bags of fruits for $4845.50

(8) If a dealer earns a profit of 260% by selling an article for $18396.00. Find the cost price.

(9) Mr. Donald loses 84% by selling an article for $649.60. For how much should he sell it to get a profit of 83%?

(10) What will be the cost price if a shopkeeper sells some clothes for $994 and earns a profit of 40%?