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) If a dealer gets a loss of 75% by selling 200 boxes of apple for $3702.50 then find the cost price.
(3) Find the cost price, if a trader gets a loss of 54% by selling 100 bags of mobile covers for $4880.60
(4) Mr. Bob gets a loss of 11% after selling an article for $364.90. For how much would he sell it to get a profit of 10%?
(5) What will be the earnings in percent if a vendor buys 45 articles for $1 and sells 44 articles for $1?
(6) Mr. Bose loses 98% by selling an article for $95.20. For how much should he sell it to get a profit of 97%?
(7) John purchased a bike for $500 and he sold it at a gain of 12%. Find the sale price of the bike.
(8) Mr. John buys 28 articles for $1 and sells 27 articles for $1 then, find his profit percent.
(9) By selling a bicycle for $443.70 a shopkeeper loses 13%. For how much should he sell it to get a profit of 12%?
(10) If Mr. Jobby buys 18 kiwis for $1 and sells them at a rate of 17 per $1 then what would be the profit percent?.