Profit And Loss
Math MCQs

Question :    Mr. Peter buys 48 articles for $1 and sells 47 articles for $1. Find the profit percent.

Correct Answer  2.13%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 48 articles = $1

The Sale Price (SP) for 47 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 48 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₄₈

∵ The Sale Price (SP) for 47 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₄₇

Calculation of profit

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

= ¹/₄₇ – ¹/₄₈

= ^{48 – 47}/₂₂₅₆

⇒ Profit = ¹/₂₂₅₆

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₄₈, the the profit = ¹/₂₂₅₆

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

= ^{1/₂₂₅₆}/_¹/48

= ¹/₂₂₅₆ × ⁴⁸/₁

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

= ¹/₂₂₅₆ × ⁴⁸/₁ × 100

= ^{1 × 48 × 100}/_{2256 × 1}

= ⁴⁸⁰⁰/₂₂₅₆ = 2.13

Thus, Profit = 2.13% 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 48 articles = $1

And, the Sale Price (SP) of 47 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 48 and 47 = 2256

Now, Let total number of articles purchased = 2256

Here, since the Cost Price of 48 articles = $1

∴ the Cost Price of 1 articles = ¹/₄₈

Therefore, the Cost Price of 2256 articles

And, since the Sale Price of 47 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₄₇

Therefore, the Sale Price of 2256 articles

= ¹/₄₇ × 2256 = $48

⇒ The Sale Price (SP) of 2256 articles = $48

Now, the Cost Price (CP) of 2256 articles = $47

And, the Sale Price (SP) of 2256 articles = $48

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)

= 48 – 47 = 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}/₄₇

= ¹⁰⁰/₄₇ = 2.13

Thus, profit = 2.13% Answer

Similar Questions

(1) If a vendor buys 7 lemons for $1 and sells 6 lemons for $1 then, what is the profit percent in this sale?

(2) Find the cost price, if Mrs. Barbara earns a profit of 275% by selling some items for $20287.50

(3) 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?.

(4) For how much should Mr. John sell it to get a profit of 3% if he loses 4% by selling an article for $57.60?

(5) What will be the cost price, if a trader gets a loss of 2% by selling an article for $205.80?

(6) By selling a car for $4751.5 Mr. Aron earns a profit of 115%. For how much was he purchased his car?

(7) Mrs. Rosy loses 25% by selling her stock shares for $832.50. For how much should she sell them to get a profit of 24%?

(8) If a peddler buys 46 articles for $1 and sells 45 articles for $1 then, find the earnings in percentage.

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

(10) Find the cost price, if a trader gets a loss of 1% by selling an article for $9.9