Profit And Loss
Math MCQs

Question :    Calculate the profit in percent if Mr. John buys 67 articles for $1 and sells 66 articles for $1.

Correct Answer  1.52%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 67 articles = $1

The Sale Price (SP) for 66 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 67 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₆₇

∵ The Sale Price (SP) for 66 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₆₆

Calculation of profit

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

= ¹/₆₆ – ¹/₆₇

= ^{67 – 66}/₄₄₂₂

⇒ Profit = ¹/₄₄₂₂

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₆₇, the the profit = ¹/₄₄₂₂

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

= ^{1/₄₄₂₂}/_¹/67

= ¹/₄₄₂₂ × ⁶⁷/₁

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

= ¹/₄₄₂₂ × ⁶⁷/₁ × 100

= ^{1 × 67 × 100}/_{4422 × 1}

= ⁶⁷⁰⁰/₄₄₂₂ = 1.52

Thus, Profit = 1.52% 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 67 articles = $1

And, the Sale Price (SP) of 66 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 67 and 66 = 4422

Now, Let total number of articles purchased = 4422

Here, since the Cost Price of 67 articles = $1

∴ the Cost Price of 1 articles = ¹/₆₇

Therefore, the Cost Price of 4422 articles

And, since the Sale Price of 66 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₆₆

Therefore, the Sale Price of 4422 articles

= ¹/₆₆ × 4422 = $67

⇒ The Sale Price (SP) of 4422 articles = $67

Now, the Cost Price (CP) of 4422 articles = $66

And, the Sale Price (SP) of 4422 articles = $67

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)

= 67 – 66 = 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}/₆₆

= ¹⁰⁰/₆₆ = 1.52

Thus, profit = 1.52% Answer

Similar Questions

(1) If Boby buys 69 pencils for $1 and sells them at a rate of 68 per $1 then, find the earnings in percentage.

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

(3) Find the cost price if a broker earned 375% while dealing a house for $35197.50

(4) Find the cost price, if a trader gets a loss of 74% by selling 50 bags of rice for $3798.60

(5) James loses 68% by selling an article for $1043.20. For how much should he sell it to get a profit of 67%?

(6) To get a profit of 15% Mr. John should sell his old bicycle for how much, if he loses 16% by selling it for $554.40?

(7) If a peddler bought 71 paper clips for $1 and sold 70 paper clips for $1 then, find the profit in percent.

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

(9) Mr. Donald loses 84% by selling an article for $649.60. For how much should he sell it to get a profit of 83%?

(10) A trader loses 48% by selling an article for $1175.20. For how much should he sell it to get a profit of 47%?