Question:
What will be profit percent if John buys 6 articles for $1 and sells 5 articles for $1?
Correct Answer
20%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 6 articles = $1
The Sale Price (SP) for 5 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 6 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/6
∵ The Sale Price (SP) for 5 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/5
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/5 – 1/6
= 6 – 5/30
⇒ Profit = 1/30
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/6, the the profit = 1/30
∴ When the Cost Price (CP) is 1, then the profit
= 1/30/1/6
= 1/30 × 6/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/30 × 6/1 × 100
= 1 × 6 × 100/30 × 1
= 600/30 = 20
Thus, Profit = 20% 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 6 articles = $1
And, the Sale Price (SP) of 5 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 6 and 5 = 30
Now, Let total number of articles purchased = 30
Here, since the Cost Price of 6 articles = $1
∴ the Cost Price of 1 articles = 1/6
Therefore, the Cost Price of 30 articles
= 1/6 × 30⇒ The Cost Price (CP) of 30 articles = $5And, since the Sale Price of 5 articles = $1
∴ The Sale Price (SP) of 1 article = 1/5
Therefore, the Sale Price of 30 articles
= 1/5 × 30 = $6
⇒ The Sale Price (SP) of 30 articles = $6
Now, the Cost Price (CP) of 30 articles = $5
And, the Sale Price (SP) of 30 articles = $6
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)
= 6 – 5 = 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 × 100/5
= 100/5 = 20
Thus, profit = 20% Answer
Similar Questions
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(2) Mr. Bose loses 98% by selling an article for $95.20. For how much should he sell it to get a profit of 97%?
(3) Calculate the earnings percentage if a vendor buys 57 articles for $1 and sells 56 articles for $1.
(4) If Mr. Peter buys 17 apples for $1 and sells 16 apples for $1 then, find the profit percent in this sale.
(5) Find the cost price, if Mrs. Julie earns a profit of 360% by selling some articles for $32706
(6) Mr. Bose loses 97% by selling an article for $141.30. For how much should he sell it to get a profit of 96%?
(7) If a dealer gets a loss of 75% by selling 200 boxes of apple for $3702.50 then find the cost price.
(8) Find the cost price, if a dealer earns a profit of 305% by selling a plot for $24340.50
(9) If a shopkeeper gets a loss of 53% by selling 200 kg of rice for $4892.70 then find the cost price of rice.
(10) A seller gets a profit of 7% by selling a TV set for $4280. If he would have sold it for $4200, then find his profit percent.