Profit And Loss
Math MCQs

Question :    Find the profit percent if Mrs. Julie buys 29 bananas for $1 and sells 28 bananas for $1.

Correct Answer  3.57%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 29 articles = $1

The Sale Price (SP) for 28 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 29 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₂₉

∵ The Sale Price (SP) for 28 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₂₈

Calculation of profit

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

= ¹/₂₈ – ¹/₂₉

= ^{29 – 28}/₈₁₂

⇒ Profit = ¹/₈₁₂

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₂₉, the the profit = ¹/₈₁₂

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

= ^1/₈₁₂/_¹/29

= ¹/₈₁₂ × ²⁹/₁

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

= ¹/₈₁₂ × ²⁹/₁ × 100

= ^{1 × 29 × 100}/_{812 × 1}

= ²⁹⁰⁰/₈₁₂ = 3.57

Thus, Profit = 3.57% 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 29 articles = $1

And, the Sale Price (SP) of 28 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 29 and 28 = 812

Now, Let total number of articles purchased = 812

Here, since the Cost Price of 29 articles = $1

∴ the Cost Price of 1 articles = ¹/₂₉

Therefore, the Cost Price of 812 articles

And, since the Sale Price of 28 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₂₈

Therefore, the Sale Price of 812 articles

= ¹/₂₈ × 812 = $29

⇒ The Sale Price (SP) of 812 articles = $29

Now, the Cost Price (CP) of 812 articles = $28

And, the Sale Price (SP) of 812 articles = $29

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)

= 29 – 28 = 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}/₂₈

= ¹⁰⁰/₂₈ = 3.57

Thus, profit = 3.57% Answer

Similar Questions

(1) If a trader gets a loss of 71% by selling 150 bags of corn flakes for $4062.90 then find the cost price of the corn flakes.

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

(3) James loses 66% by selling an article for $1074.40. For how much should he sell it to get a profit of 65%?

(4) Mr. John buys 28 articles for $1 and sells 27 articles for $1 then, find his profit percent.

(5) A trader loses 54% by selling an article for $1177.60. For how much should he sell it to get a profit of 53%?

(6) What is the cost price, if Mrs. Jill earns a profit of 200% by selling some items for $11730?

(7) James loses 65% by selling an article for $1088.50. For how much should he sell it to get a profit of 64%?

(8) What will be the cost price if Peter eans a profit of 15% by selling a scooty for $241.5?

(9) Find the cost price, if a shopkeeper earns a profit of 300% by selling some articles for $23640

(10) What is the cost price if a trader earns a profit of 155% by selling an article for $7675.50