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) What is the cost price; if a trader earns a profit of 295% by selling some articles for $22949.50?

(2) Find the earnings percentage if a vendor buys 52 articles for $1 and sells 51 articles for $1.

(3) Find the cost price, if a trader gets a loss of 58% by selling two TV sets for $4792.20

(4) William loses 73% by selling an article for $947.70. For how much should he sell it to get a profit of 72%?

(5) Calculate the earnings percentage if a vendor buys 54 articles for $1 and sells 53 articles for $1.

(6) Mrs. Jolly loses 18% by selling an article for $623.20. For how much should she sell it to get a profit of 17%?

(7) James loses 65% by selling an article for $1088.50. For how much should he sell it to get a profit of 64%?

(8) A trader loses 54% by selling an article for $1177.60. For how much should he sell it to get a profit of 53%?

(9) A trader loses 42% by selling an article for $1136.80. For how much should he sell it to get a profit of 41%?

(10) Find the cost price, if a trader earns a profit of 265% by selling an article for $19016.5