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) Jack sold a TV set at $1584. If he purchased it at $1800, then calculate his loss and loss percent in this sale.

(2) Mrs. John earned a profit of 330% by selling her car. If she sold her car for $27993, then find the cost price of the car.

(3) What was the cost price, if a trader gets a loss of 17% by selling an article for $2664.30?

(4) John sold rice at $7.20 per kg. If he purchased 120 kg of rice for $960, then calculate the loss and loss percent in this sale.

(5) if a vendor bought 74 nibs for $1 and sells them at a rate of 73 per $1 then calculate the profit in percent.

(6) Mr. Oliver loses 83% by selling an article for $681.70. For how much should he sell it to get a profit of 82%?

(7) If a broker gets a loss of 22% by selling 100 shares for $3283.80, then find the cost price of those shares.

(8) Find the cost price, if by selling some articles for $13792 a trader earns a profit of 220%

(9) Mollie purchased 150 kg of wheat at $1350. Due to some unavoidable circumstances, he had to sell the wheat at $7.20 per kg. Calculate his total loss and loss percent in this sale.

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