Question : Mr. Jack buys 13 articles for $1 and sells 12 articles for $1. Find his profit percent.
Correct Answer 8.33%
Solution & Explanation
Solution
Given,
The Cost Price (CP) for 13 articles = $1
The Sale Price (SP) for 12 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 13 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/13
∵ The Sale Price (SP) for 12 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/12
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/12 – 1/13
= 13 – 12/156
⇒ Profit = 1/156
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/13, the the profit = 1/156
∴ When the Cost Price (CP) is 1, then the profit
= 1/156/1/13
= 1/156 × 13/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/156 × 13/1 × 100
= 1 × 13 × 100/156 × 1
= 1300/156 = 8.33
Thus, Profit = 8.33% 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 13 articles = $1
And, the Sale Price (SP) of 12 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 13 and 12 = 156
Now, Let total number of articles purchased = 156
Here, since the Cost Price of 13 articles = $1
∴ the Cost Price of 1 articles = 1/13
Therefore, the Cost Price of 156 articles
= 1/13 × 156⇒ The Cost Price (CP) of 156 articles = $12And, since the Sale Price of 12 articles = $1
∴ The Sale Price (SP) of 1 article = 1/12
Therefore, the Sale Price of 156 articles
= 1/12 × 156 = $13
⇒ The Sale Price (SP) of 156 articles = $13
Now, the Cost Price (CP) of 156 articles = $12
And, the Sale Price (SP) of 156 articles = $13
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)
= 13 – 12 = 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 × 100/12
= 100/12 = 8.33
Thus, profit = 8.33% Answer
Similar Questions
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(4) Find the cost price, if Mrs. Julie earns a profit of 360% by selling some articles for $32706
(5) Find the cost price, if Mr. Oliver earns a profit of 150% by selling an article for $7275.00
(6) Find the cost price, if a dealer earns a profit of 305% by selling a plot for $24340.50
(9) If a vendor purchased 73 coins for $1 and sells 72 coins for $1 then, find profit in percent.