Profit And Loss
Math MCQs

Question :    Bill sold a bicycle for $840. If he purchased it at $600, then calculate his profit and profit percent in this sale.

Correct Answer  $240 and 40%

Solution & Explanation

Solution

Given, Cost price (CP) = $600

Sale price (SP) = $840

Therefore, profit and profit % = ?

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

Profit = Sale Price – Cost Price

∴ Profit = $840 – $600

⇒ Profit = $240

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

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

Here, profit = $240

And, Cost Price = $600

∴ Profit% = ^{240 × 100}/₆₀₀

= ^{240 40}/₆ = 40%

⇒ Profit = 40%

Therefore, Profit = $240 and Profit% = 40% Answer

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

Here, profit = $240

And, Cost Price = $600

∵ In $600, profit = $240

∴ In $1, profit = ²⁴⁰/₆₀₀

∴ In $100, profit = ²⁴⁰/₆₀₀ × 100

= ^{240 × 100}/₆₀₀

= ^{240 40}/₆ = 40%

⇒ Profit = 40%

Therefore, Profit = $240 and Profit% = 40% Answer

Similar Questions

(1) A dealer loses 60% by selling an article for $1144.00. For how much should he sell it to get a profit of 59%?

(2) What will be the cost price if Peter eans a profit of 15% by selling a scooty for $241.5?

(3) William loses 43% by selling an article for $1145.70. For how much should he sell it to get a profit of 42%?

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

(5) Find the cost price, if a dealer earns a profit of 305% by selling a plot for $24340.50

(6) A dealer loses 28% by selling some articles for $907.20. For how much should he sell them to get a profit of 27%?

(7) Mr. Henry loses 26% by selling an article for $858.4. For how much should he sell it to get a profit of 25%?

(8) If a trader gets a loss of 14% by selling some articles for $2244.60 then what was his cost price?

(9) A shopkeeper loses 46% by selling an article for $1166.40. For how much should he sell it to get a profit of 45%?

(10) A street seller buys 8 articles for $1 and sells 7 articles for $1. Find the profit percent in this sale.