Question:
if a vendor bought 74 nibs for $1 and sells them at a rate of 73 per $1 then calculate the profit in percent.
Correct Answer
1.37%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 74 articles = $1
The Sale Price (SP) for 73 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 74 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/74
∵ The Sale Price (SP) for 73 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/73
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/73 – 1/74
= 74 – 73/5402
⇒ Profit = 1/5402
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/74, the the profit = 1/5402
∴ When the Cost Price (CP) is 1, then the profit
= 1/5402/1/74
= 1/5402 × 74/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/5402 × 74/1 × 100
= 1 × 74 × 100/5402 × 1
= 7400/5402 = 1.37
Thus, Profit = 1.37% 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 74 articles = $1
And, the Sale Price (SP) of 73 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 74 and 73 = 5402
Now, Let total number of articles purchased = 5402
Here, since the Cost Price of 74 articles = $1
∴ the Cost Price of 1 articles = 1/74
Therefore, the Cost Price of 5402 articles
= 1/74 × 5402⇒ The Cost Price (CP) of 5402 articles = $73And, since the Sale Price of 73 articles = $1
∴ The Sale Price (SP) of 1 article = 1/73
Therefore, the Sale Price of 5402 articles
= 1/73 × 5402 = $74
⇒ The Sale Price (SP) of 5402 articles = $74
Now, the Cost Price (CP) of 5402 articles = $73
And, the Sale Price (SP) of 5402 articles = $74
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)
= 74 – 73 = 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 × 100/73
= 100/73 = 1.37
Thus, profit = 1.37% Answer
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