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. James loses 24% after selling an article for $805.60. For how much should he sell it to get a profit of 23%?

(2) Find the cost price, if a trader gets a loss of 1% by selling an article for $9.9

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

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

(5) John loses 63% by selling an article for $1113.70. For how much should he sell it to get a profit of 62%?

(6) For how much should a trader sell an item to get a profit of 49% if he loses 50% by selling it for $1180.00?

(7) Calculate the earnings in percent if a hawker buys 44 articles for $1 and sells 43 articles for $1.

(8) Noah loses 78% by selling an article for $827.20. For how much should he sell it to get a profit of 77%?

(9) How much Mr. Gates had to pay to purchase his motorbike? If he gets a profit of 70% after selling it for $2227.

(10) Find the cost price, if a trader gets a loss of 40% by selling 1000 packets of fruits for $4686