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) William loses 71% by selling an article for $988.90. For how much should he sell it to get a profit of 70%?

(2) Find the cost price, if a trader gets a loss of 12% by selling some of his stock of fruits for $1944.80. Find the cost price of those stock.

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

(4) After selling some articles for $13261.50, a trader earns a profit of 215%. Find the cost price.

(5) If a shopkeeper loses 6% by selling some items for $150.40 then, for how much should he sell them to get a profit of 5%?

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

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

(8) What was the cost price, if a trader gets a loss of 18% by selling some articles for $2796.20?

(9) If a shopkeeper loses 38% by selling some articles for $1091.20 then, he should sell them to get a profit of 37% for how much?

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