Profit And Loss
Math MCQs

Question :    If a vendor buys 60 articles for $1 and sells 59 articles for $1 then, calculate the profit in percent.

Correct Answer  1.69%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 60 articles = $1

The Sale Price (SP) for 59 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 60 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₆₀

∵ The Sale Price (SP) for 59 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₅₉

Calculation of profit

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

= ¹/₅₉ – ¹/₆₀

= ^{60 – 59}/₃₅₄₀

⇒ Profit = ¹/₃₅₄₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₆₀, the the profit = ¹/₃₅₄₀

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

= ^{1/₃₅₄₀}/_¹/60

= ¹/₃₅₄₀ × ⁶⁰/₁

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

= ¹/₃₅₄₀ × ⁶⁰/₁ × 100

= ^{1 × 60 × 100}/_{3540 × 1}

= ⁶⁰⁰⁰/₃₅₄₀ = 1.69

Thus, Profit = 1.69% 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 60 articles = $1

And, the Sale Price (SP) of 59 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 60 and 59 = 3540

Now, Let total number of articles purchased = 3540

Here, since the Cost Price of 60 articles = $1

∴ the Cost Price of 1 articles = ¹/₆₀

Therefore, the Cost Price of 3540 articles

And, since the Sale Price of 59 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₅₉

Therefore, the Sale Price of 3540 articles

= ¹/₅₉ × 3540 = $60

⇒ The Sale Price (SP) of 3540 articles = $60

Now, the Cost Price (CP) of 3540 articles = $59

And, the Sale Price (SP) of 3540 articles = $60

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)

= 60 – 59 = 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}/₅₉

= ¹⁰⁰/₅₉ = 1.69

Thus, profit = 1.69% Answer

Similar Questions

(1) Mr. Steven loses 94% by selling an article for $273.60. For how much should he sell it to get a profit of 93%?

(2) Mr. James loses 24% after selling an article for $805.60. For how much should he sell it to get a profit of 23%?

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

(4) If a hawker bought 23 apples per $1 and sold them at a rate of 22 apples per $1, then what would his profit percent be?

(5) For how much should Mr. Bose sell his furniture to get a profit of 28%, if he loses 29% by selling it for $930.10?

(6) What was the cost price, if a trader gets a loss of 18% by selling some articles for $2796.20?

(7) Mr. Peter buys 48 articles for $1 and sells 47 articles for $1. Find the profit percent.

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

(9) The cost price of an article is $15 and the sale price is $20, then find the profit and profit percent.

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