Profit And Loss
Math MCQs

Question :    John purchased a bicycle in an auction at $80 and sold it at $104. Calculate the profit and profit percent in this sale.

Correct Answer  $24 and 30%

Solution & Explanation

Solution

Given, Cost price (CP) = $80

Sale price (SP) = $104

Therefore, profit and profit % = ?

Calculation of profit, when cost price and sale price is known

Profit = Sale Price – Cost Price

∴ Profit = $104 – $80

⇒ Profit = $24

Calculation of profit% using formula, when profit and cost price is known

Profit% = ^{Profit × 100}/_{Cost price}

Here, profit = $24

And, Cost Price = $80

∴ Profit% = ^{24 × 100}/₈₀

= ^{8 × 3 × 10 × 10}/_{8 × 10}

= 3 × 10 = 30%

Therefore, Profit = $24 and Profit% = 30% Answer

Calculation of profit% using Unitary Method, when profit and cost price is known

Here, profit = $24

And, Cost Price = $80

∵ In $80, profit = $24

∴ In $1, profit = ²⁴/₈₀

∴ In $100, profit = ²⁴/₈₀ × 100

= ^{8 × 3 × 10 × 10}/_{8 × 10}

= 3 × 10 = 30%

Therefore, Profit = $24 and Profit% = 30% Answer

Similar Questions

(1) James loses 68% by selling an article for $1043.20. For how much should he sell it to get a profit of 67%?

(2) If a hawker buys 75 refill for $1 and sold them at a rate of 74 per $1 then calculate his profit in percentage.

(3) A broker loses 41% by selling an article for $1126.90. For how much should he sell it to get a profit of 40%?

(4) How much percent will a hawker earn, if he buys 34 articles for $1 and sells 33 articles for $1?

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

(6) In an exhibition, a trader earns a profit of 75%. His total sale was $2467.50. Find the cost price.

(7) Find the cost price, if a trader gets a loss of 57% by selling a TV set for $4820.30

(8) William loses 33% by selling an article for $1011.70. For how much should he sell it to get a profit of 32%?

(9) Peter buys 5 articles for $1 and sells 4 articles for $1. Find the profit percent in this sale.

(10) A shopkeeper gets a loss of 5% by selling some fruits for $769.50. Find the cost price of the furits.