Profit And Loss
Math MCQs

Question :    If Mr. Jobby buys 18 kiwis for $1 and sells them at a rate of 17 per $1 then what would be the profit percent?.

Correct Answer  5.88%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 18 articles = $1

The Sale Price (SP) for 17 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 18 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₁₈

∵ The Sale Price (SP) for 17 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₁₇

Calculation of profit

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

= ¹/₁₇ – ¹/₁₈

= ^{18 – 17}/₃₀₆

⇒ Profit = ¹/₃₀₆

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₁₈, the the profit = ¹/₃₀₆

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

= ^1/₃₀₆/_¹/18

= ¹/₃₀₆ × ¹⁸/₁

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

= ¹/₃₀₆ × ¹⁸/₁ × 100

= ^{1 × 18 × 100}/_{306 × 1}

= ¹⁸⁰⁰/₃₀₆ = 5.88

Thus, Profit = 5.88% 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 18 articles = $1

And, the Sale Price (SP) of 17 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 18 and 17 = 306

Now, Let total number of articles purchased = 306

Here, since the Cost Price of 18 articles = $1

∴ the Cost Price of 1 articles = ¹/₁₈

Therefore, the Cost Price of 306 articles

And, since the Sale Price of 17 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₁₇

Therefore, the Sale Price of 306 articles

= ¹/₁₇ × 306 = $18

⇒ The Sale Price (SP) of 306 articles = $18

Now, the Cost Price (CP) of 306 articles = $17

And, the Sale Price (SP) of 306 articles = $18

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)

= 18 – 17 = 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}/₁₇

= ¹⁰⁰/₁₇ = 5.88

Thus, profit = 5.88% Answer

Similar Questions

(1) If a vendor gets a loss of 21% by selling some apples for $3167.90 then what was the cost price of those apples?

(2) Mr. Donald loses 88% by selling an article for $511.20. For how much should he sell it to get a profit of 87%?

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

(4) If a seller bought 24 apples per $1 and sold them at a rate of 23 apples per $1, then what would his profit percent be?

(5) A peddler buys 11 oranges for $1 and sells 10 oranges for $1 then, find his profit percent.

(6) If Rohilla sold his furniture for $663 at a profit of 30%, then for how much he had purchased them?

(7) What will be the earnings in percent if a hawker buys 59 articles for $1 and sells 58 articles for $1?

(8) In a deal, Mr. Kart earns a profit of 85%. He got a total of $2978.50 in the deal. What was the cost price of this deal?

(9) Find the cost price, if a vendor gets a loss of 34% by selling some articles for $4362.60

(10) Mr. Jojo buys 30 articles for $1 and sells 29 articles for $1. Find the profit in percent.