Profit And Loss
Math MCQs

Question :    If Mr. Peter buys 17 apples for $1 and sells 16 apples for $1 then, find the profit percent in this sale.

Correct Answer  6.25%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 17 articles = $1

The Sale Price (SP) for 16 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 17 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₇

∵ The Sale Price (SP) for 16 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₁₆

Calculation of profit

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

= ¹/₁₆ – ¹/₁₇

= ^{17 – 16}/₂₇₂

⇒ Profit = ¹/₂₇₂

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₇, the the profit = ¹/₂₇₂

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

= ^1/₂₇₂/_¹/17

= ¹/₂₇₂ × ¹⁷/₁

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

= ¹/₂₇₂ × ¹⁷/₁ × 100

= ^{1 × 17 × 100}/_{272 × 1}

= ¹⁷⁰⁰/₂₇₂ = 6.25

Thus, Profit = 6.25% 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 17 articles = $1

And, the Sale Price (SP) of 16 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 17 and 16 = 272

Now, Let total number of articles purchased = 272

Here, since the Cost Price of 17 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₇

Therefore, the Cost Price of 272 articles

And, since the Sale Price of 16 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₁₆

Therefore, the Sale Price of 272 articles

= ¹/₁₆ × 272 = $17

⇒ The Sale Price (SP) of 272 articles = $17

Now, the Cost Price (CP) of 272 articles = $16

And, the Sale Price (SP) of 272 articles = $17

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)

= 17 – 16 = 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}/₁₆

= ¹⁰⁰/₁₆ = 6.25

Thus, profit = 6.25% Answer

Similar Questions

(1) Find the cost price, if a shopkeeper earns a profit of 240% by selling an article for $16014

(2) What is the cost price if Mrs. Norrah gets a profit of 165% by selling some items for $8506.5

(3) Mrs. Julie purchased 26 oranges for $1 and sold 25 oranges for $1. What will be his profit percentage??

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

(5) After selling some articles for $22269.00 a trader earns a profit of 290%. Find the cost price.

(6) A hawker buys 19 articles for $1 and sold then at the rate of 18 articles per $1. What was this profit percent?

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

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

(9) Find the cost price, if a trader gets a loss of 58% by selling two TV sets for $4792.20

(10) Potter loses 91% by selling an article for $396.90. For how much should he sell it to get a profit of 90%?