Profit And Loss
Math MCQs

Question :    Mrs. Julie buys 16 oranges for $1 and sells 15 oranges for $1. What is her profit percent in this sale?

Correct Answer  6.67%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 16 articles = $1

The Sale Price (SP) for 15 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 16 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₆

∵ The Sale Price (SP) for 15 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₁₅

Calculation of profit

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

= ¹/₁₅ – ¹/₁₆

= ^{16 – 15}/₂₄₀

⇒ Profit = ¹/₂₄₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₆, the the profit = ¹/₂₄₀

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

= ^1/₂₄₀/_¹/16

= ¹/₂₄₀ × ¹⁶/₁

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

= ¹/₂₄₀ × ¹⁶/₁ × 100

= ^{1 × 16 × 100}/_{240 × 1}

= ¹⁶⁰⁰/₂₄₀ = 6.67

Thus, Profit = 6.67% 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 16 articles = $1

And, the Sale Price (SP) of 15 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 16 and 15 = 240

Now, Let total number of articles purchased = 240

Here, since the Cost Price of 16 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₆

Therefore, the Cost Price of 240 articles

And, since the Sale Price of 15 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₁₅

Therefore, the Sale Price of 240 articles

= ¹/₁₅ × 240 = $16

⇒ The Sale Price (SP) of 240 articles = $16

Now, the Cost Price (CP) of 240 articles = $15

And, the Sale Price (SP) of 240 articles = $16

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)

= 16 – 15 = 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}/₁₅

= ¹⁰⁰/₁₅ = 6.67

Thus, profit = 6.67% Answer

Similar Questions

(1) Mr. Steven loses 94% by selling an article for $273.60. For how much should he sell it to get a profit of 93%?

(2) Mr. Oliver loses 82% by selling an article for $712.80. For how much should he sell it to get a profit of 81%?

(3) Bill sold a bicycle for $640. If he purchased it at $800, then calculate his loss and loss percent in this sale.

(4) Find the cost price, if a trader gets a loss of 63% by selling 15 TV sets for $4591.7

(5) Find the cost price, if a trader gets a loss of 46% by selling 500 kg rice for $4865.40

(6) Find the earnings percentage if a peddler buys 51 articles for $1 and sells 50 articles for $1.

(7) If a dealer earns a profit of 260% by selling an article for $18396.00. Find the cost price.

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

(9) If a dealer loses 61% by selling an article for $1134.90. For how much should he sell it to get a profit of 60%?

(10) Find the cost price, if a trader gets a loss of 69% by selling 12 bags of fruit for $4219.10