Question:
Mr. William buys 15 toffees for $1 and sells 14 tofees for $1. What is the profit percent?
Correct Answer
7.14%
Solution And Explanation
Solution
Given,
The Cost Price (CP) for 15 articles = $1
The Sale Price (SP) for 14 articles = $1
Thus, Profit percent = ?
Unitary Method to find the profit when Cost Price and Sale Price are given
∵ The Cost Price (CP) for 15 articles = $1
Therefore, the Cost Price (CP) for 1 lemon = 1/15
∵ The Sale Price (SP) for 14 articles = $1
Therefore, the Sale Price (SP) for 1 lemon = 1/14
Calculation of profit
Profit = Sale Price (SP) – Cost Price (CP)
= 1/14 – 1/15
= 15 – 14/210
⇒ Profit = 1/210
Calculation of Profit Percent using Unitary Method
∵ When the Cost Price (CP) is 1/15, the the profit = 1/210
∴ When the Cost Price (CP) is 1, then the profit
= 1/210/1/15
= 1/210 × 15/1
∴ When the Cost Price (CP) is 100, then the profit
= 1/210 × 15/1 × 100
= 1 × 15 × 100/210 × 1
= 1500/210 = 7.14
Thus, Profit = 7.14% 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 15 articles = $1
And, the Sale Price (SP) of 14 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 15 and 14 = 210
Now, Let total number of articles purchased = 210
Here, since the Cost Price of 15 articles = $1
∴ the Cost Price of 1 articles = 1/15
Therefore, the Cost Price of 210 articles
= 1/15 × 210⇒ The Cost Price (CP) of 210 articles = $14And, since the Sale Price of 14 articles = $1
∴ The Sale Price (SP) of 1 article = 1/14
Therefore, the Sale Price of 210 articles
= 1/14 × 210 = $15
⇒ The Sale Price (SP) of 210 articles = $15
Now, the Cost Price (CP) of 210 articles = $14
And, the Sale Price (SP) of 210 articles = $15
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)
= 15 – 14 = 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 × 100/14
= 100/14 = 7.14
Thus, profit = 7.14% Answer
Similar Questions
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(3) Find the cost price, if a trader gets a loss of 62% by selling 10 TV sets for $4639.80
(4) For how much should a trader sell an item to get a profit of 49% if he loses 50% by selling it for $1180.00?
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(7) James loses 65% by selling an article for $1088.50. For how much should he sell it to get a profit of 64%?
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(10) If Boby buys 69 pencils for $1 and sells them at a rate of 68 per $1 then, find the earnings in percentage.