Question:
If a hawker buys 75 refill for $1 and sold them at a rate of 74 per $1 then calculate his profit in percentage.
Correct Answer
1.35%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 75 articles = $1
The Sale Price (SP) for 74 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 75 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/75
∵ The Sale Price (SP) for 74 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/74
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/74 – 1/75
= 75 – 74/5550
⇒ Profit = 1/5550
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/75, the the profit = 1/5550
∴ When the Cost Price (CP) is 1, then the profit
= 1/5550/1/75
= 1/5550 × 75/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/5550 × 75/1 × 100
= 1 × 75 × 100/5550 × 1
= 7500/5550 = 1.35
Thus, Profit = 1.35% 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 75 articles = $1
And, the Sale Price (SP) of 74 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 75 and 74 = 5550
Now, Let total number of articles purchased = 5550
Here, since the Cost Price of 75 articles = $1
∴ the Cost Price of 1 articles = 1/75
Therefore, the Cost Price of 5550 articles
= 1/75 × 5550⇒ The Cost Price (CP) of 5550 articles = $74And, since the Sale Price of 74 articles = $1
∴ The Sale Price (SP) of 1 article = 1/74
Therefore, the Sale Price of 5550 articles
= 1/74 × 5550 = $75
⇒ The Sale Price (SP) of 5550 articles = $75
Now, the Cost Price (CP) of 5550 articles = $74
And, the Sale Price (SP) of 5550 articles = $75
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)
= 75 – 74 = 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 × 100/74
= 100/74 = 1.35
Thus, profit = 1.35% Answer
Similar Questions
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(2) Find the cost price, if a dealer earns a profit of 250% by selling a plot for $17185
(3) Mr. Steven loses 93% by selling an article for $315.70. For how much should he sell it to get a profit of 92%?
(4) Find the earnings percentage if a hawker buys 50 articles for $1 and sells 49 articles for $1.
(5) What will be profit percent if John buys 6 articles for $1 and sells 5 articles for $1?
(6) Find the cost price, if a trader gets a loss of 45% by selling 800 bags of fruits for $4845.50
(7) Find the cost price, if a trader gets a loss of 74% by selling 50 bags of rice for $3798.60
(8) A fruit seller gets a loss of 6% by selling an his old stock for $949.40. What was his cost price?
(9) 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.
(10) How much percent will a vendor earn, if he buys 35 articles for $1 and sells 34 articles for $1?