Profit And Loss
Math MCQs

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

Correct Answer  14.29%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 8 articles = $1

The Sale Price (SP) for 7 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 8 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₈

∵ The Sale Price (SP) for 7 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₇

Calculation of profit

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

= ¹/₇ – ¹/₈

= ^{8 – 7}/₅₆

⇒ Profit = ¹/₅₆

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₈, the the profit = ¹/₅₆

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

= ^1/₅₆/_¹/8

= ¹/₅₆ × ⁸/₁

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

= ¹/₅₆ × ⁸/₁ × 100

= ^{1 × 8 × 100}/_{56 × 1}

= ⁸⁰⁰/₅₆ = 14.29

Thus, Profit = 14.29% 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 8 articles = $1

And, the Sale Price (SP) of 7 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 8 and 7 = 56

Now, Let total number of articles purchased = 56

Here, since the Cost Price of 8 articles = $1

∴ the Cost Price of 1 articles = ¹/₈

Therefore, the Cost Price of 56 articles

And, since the Sale Price of 7 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₇

Therefore, the Sale Price of 56 articles

= ¹/₇ × 56 = $8

⇒ The Sale Price (SP) of 56 articles = $8

Now, the Cost Price (CP) of 56 articles = $7

And, the Sale Price (SP) of 56 articles = $8

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)

= 8 – 7 = 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}/₇

= ¹⁰⁰/₇ = 14.29

Thus, profit = 14.29% Answer

Similar Questions

(1) Find the cost price if a broker earned 375% while dealing a house for $35197.50

(2) If after selling 5 bags of rice for $1297.20 a shopkeeper gets a loss of 8% then what was the cost price of the rice?

(3) If a hawker bought 22 apples per $1 and sold them at a rate of 21 apples per $1, then what would his profit percent be?

(4) Mr. Peter earns a profit of 110% by selling goods for $4431.00. For how much was he purchased those goods?

(5) 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?

(6) What is the cost price if a trader earns a profit of 155% by selling an article for $7675.50

(7) Find the cost price, if a dealer earns a profit of 245% by selling a plot for $16594.5

(8) A hawker buys 10 articles for $1 and sells 9 articles for $1 then, find the profit percent.

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

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