Profit And Loss
Math MCQs

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

Correct Answer  1.43%

Solution & Explanation

Solution

Given,

The Cost Price (CP) for 71 articles = $1

The Sale Price (SP) for 70 articles = $1

Thus, Profit percent = ?

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

∵ The Cost Price (CP) for 71 articles = $1

Therefore, the Cost Price (CP) for 1 lemon = ¹/₇₁

∵ The Sale Price (SP) for 70 articles = $1

Therefore, the Sale Price (SP) for 1 lemon = ¹/₇₀

Calculation of profit

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

= ¹/₇₀ – ¹/₇₁

= ^{71 – 70}/₄₉₇₀

⇒ Profit = ¹/₄₉₇₀

Calculation of Profit Percent using Unitary Method

∵ When the Cost Price (CP) is ¹/₇₁, the the profit = ¹/₄₉₇₀

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

= ^{1/₄₉₇₀}/_¹/71

= ¹/₄₉₇₀ × ⁷¹/₁

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

= ¹/₄₉₇₀ × ⁷¹/₁ × 100

= ^{1 × 71 × 100}/_{4970 × 1}

= ⁷¹⁰⁰/₄₉₇₀ = 1.43

Thus, Profit = 1.43% 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 71 articles = $1

And, the Sale Price (SP) of 70 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 71 and 70 = 4970

Now, Let total number of articles purchased = 4970

Here, since the Cost Price of 71 articles = $1

∴ the Cost Price of 1 articles = ¹/₇₁

Therefore, the Cost Price of 4970 articles

And, since the Sale Price of 70 articles = $1

∴ The Sale Price (SP) of 1 article = ¹/₇₀

Therefore, the Sale Price of 4970 articles

= ¹/₇₀ × 4970 = $71

⇒ The Sale Price (SP) of 4970 articles = $71

Now, the Cost Price (CP) of 4970 articles = $70

And, the Sale Price (SP) of 4970 articles = $71

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)

= 71 – 70 = 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}/₇₀

= ¹⁰⁰/₇₀ = 1.43

Thus, profit = 1.43% Answer

Similar Questions

(1) Potter loses 91% by selling an article for $396.90. For how much should he sell it to get a profit of 90%?

(2) William loses 33% by selling an article for $1011.70. For how much should he sell it to get a profit of 32%?

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

(4) Find the cost price, if a dealer gets a loss of 31% by selling 400 stocks for $4146.90

(5) Find the earnings percentage if a peddler buys 51 articles for $1 and sells 50 articles for $1.

(6) A shopkeeper earns a profit of 50% by selling an article for $1365. Find the cost price of the article.

(7) A shopkeeper earns 130% after selling some old bikes for $5773. What was his cost price?

(8) 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.

(9) Jojo loses 36% by selling an article for $1062.40. For how much should he sell it to get a profit of 35%?

(10) A trader loses 42% by selling an article for $1136.80. For how much should he sell it to get a profit of 41%?