Profit And Loss
Math MCQs

Question :    Calculate the earnings in percent if Mr. Peter buys 66 articles for $1 and sells 65 articles for $1.

Correct Answer  1.54%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 66 articles = $1

The Sale Price (SP) for 65 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 66 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₆₆

∵ The Sale Price (SP) for 65 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₆₅

Calculation of profit

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

= ¹/₆₅ – ¹/₆₆

= ^{66 – 65}/₄₂₉₀

⇒ Profit = ¹/₄₂₉₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₆₆, the the profit = ¹/₄₂₉₀

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

= ^{1/₄₂₉₀}/_¹/66

= ¹/₄₂₉₀ × ⁶⁶/₁

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

= ¹/₄₂₉₀ × ⁶⁶/₁ × 100

= ^{1 × 66 × 100}/_{4290 × 1}

= ⁶⁶⁰⁰/₄₂₉₀ = 1.54

Thus, Profit = 1.54% 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 66 articles = $1

And, the Sale Price (SP) of 65 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 66 and 65 = 4290

Now, Let total number of articles purchased = 4290

Here, since the Cost Price of 66 articles = $1

∴ the Cost Price of 1 articles = ¹/₆₆

Therefore, the Cost Price of 4290 articles

And, since the Sale Price of 65 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₆₅

Therefore, the Sale Price of 4290 articles

= ¹/₆₅ × 4290 = $66

⇒ The Sale Price (SP) of 4290 articles = $66

Now, the Cost Price (CP) of 4290 articles = $65

And, the Sale Price (SP) of 4290 articles = $66

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)

= 66 – 65 = 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}/₆₅

= ¹⁰⁰/₆₅ = 1.54

Thus, profit = 1.54% Answer

Similar Questions

(1) Find the cost price, if a dealer earns a profit of 245% by selling a plot for $16594.5

(2) Mr. Jack gets a profit of 195% by selling some articles for $11239.50. What was his cost price?

(3) A pddler buys 47 candies for $1 and sells at a rate of 46 candies per $1 then find the profit percent.

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

(5) By selling some antique items for $20938 Mr. David earns a profit of 280%. Find the cost price.

(6) Find the cost price, if a house broker earns a profit of 365% by selling a plot for $33526.5

(7) On a closing day, a shopkeeper earns a profit of 65%. If gets $1996.5 in total, then what was his cost price?

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

(9) A broker loses 41% by selling an article for $1126.90. For how much should he sell it to get a profit of 40%?

(10) If a hawker buys buys 61 oranges for $1 and sells them at a rate of 60 oranges per $1 then, find the profit percent.