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) A dealer loses 57% by selling an article for $1165.30. For how much should he sell it to get a profit of 56%?

(2) The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.

(3) Mr. Robert sold his motorcycle for $1629 and got a loss of 10%. What was his cost price?

(4) Find the cost price, if a trader earns a profit of 390% by selling an article for $37779

(5) Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.

(6) A hawker buys 10 articles for $1 and sells 9 articles for $1 then, find the profit percent.

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

(8) If a shopkeeper gets a loss of 65% by selling five TV sets for $4483.50 then find the cost price of all those TV sets.

(9) Mr. Razor loses 45% by selling an article for $1160.50. For how much should he sell it to get a profit of 44%?

(10) Find the cost price, if a trader earns a profit of 5% by selling an article for $10.5